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Books > Business & Economics > Economics > Macroeconomics > Monetary economics
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Zero Interest Policy and the New Abnormal - A Critique (Hardcover)
Loot Price: R3,974
Discovery Miles 39 740
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Zero Interest Policy and the New Abnormal - A Critique (Hardcover)
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Total price: R3,994
Discovery Miles: 39 940
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In the 'New Normal' central banks set their interest rate to zero
and print money through massive quantitative easing, while finance
ministries run huge fiscal deficits. Yet inflation remains minimal.
Zero Interest Policy and the New Abnormal explains why. It also
explains why the New Normal is really the New Abnormal, and why it
can't last. This study traces the academic roots of the New
Abnormal to a conceptual confusion about the 'natural rates of
interest', and postmodernism in macroeconomics, exemplified by the
DSGE (dynamic stochastic general equilibrium) movement. It develops
a theory of 'existential risk' which is concerned with the collapse
of political economies such the Bretton Woods system and the New
Abnormal. The book demonstrates that existential risk expresses
itself in the growing gap between the natural rate of interest,
measured by the rate of return on capital, and the real rate of
interest, as well as in the development of cryptocurrencies.
Beenstock develops a theory of 'kinetic inflation' based on Keynes'
liquidity trap, which accounts for the absence of inflation in the
New Abnormal, and predicts its outbreak when zero interest policy
ends. He also explores the adverse social consequences of the New
Abnormal for fertility, pensions, house prices, economic
inequality, and intergenerational equity and establishes a causal
link from the New Abnormal to Covid-19 mitigation policy, and from
the latter to the intensification of the New Abnormal. Finally, it
assesses the prospects for ending the New Abnormal, and an orderly
return to the Old Normal. The alternative is to crash-out of the
New Abnormal chaotically.
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