Zero Interest Policy and the New Abnormal: A Critique by Michael Beenstock

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Publication Date
2022-08-02
Book Title
Zero Interest Policy and the New Abnormal: A Critique
ISBN
9780192849663
Kategorie

Über dieses Produkt

Product Identifiers

Publisher
Oxford University Press, Incorporated
ISBN-10
0192849662
ISBN-13
9780192849663
eBay Product ID (ePID)
10057243090

Product Key Features

Number of Pages
388 Pages
Publication Name
Zero Interest Policy and the New Abnormal : a Critique
Language
English
Subject
Finance / General, Economics / General
Publication Year
2022
Type
Textbook
Author
Michael Beenstock
Subject Area
Business & Economics
Format
Hardcover

Dimensions

Item Height
9.8 in
Item Weight
25.9 Oz
Item Length
9.4 in
Item Width
6.5 in

Additional Product Features

Intended Audience
Scholarly & Professional
Reviews
Beenstock raises a clarion call that should be heard by macroeconomists and policy makers around the world. In quick succession the global financial and pandemic crises have led central bankers to make zero interest rate policies the new normal . . . governments have been emboldened by low interest rates to run unprecedented deficits and allow debt to output ratios to reach historic highs. Beenstock brings us back to traditional macroeconomic understanding of thenatural rate of interest to show us why permanent zero interest rate policies are unsustainable. He argues that crisis responses have done more to increase risk and inhibit capital formation than to promote investment with reduced cost of finance . . .Beenstock shows that there is path back to normalcyand urges policy makers to get started along it. They would benefit from a careful reading of this reminder of the importance of macroeconomics fundamentals.
Dewey Edition
23
Dewey Decimal
339.53
Table Of Content
1. The New Abnormal2. Where Macroeconomic Theory went wrong3. Post Modern Macroeconomics4. The Natural Rate of Interest5. Descent into ZIP and the New Abnormal6. Fertility Decline in the New Abnormal?7. Socioeconomic Consequences of the New Abnormal8. Socioeconomic Consequences of the New Abnormal9. Covid-19 and the New Abnormal10. The Return to Normality: Ending the New Abnormal
Synopsis
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., 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., This book is the first comprehensive critique of the widespread and dominant political economy in which central banks set interest rates to zero and engage in unorthodox monetary policy (quantitative easing) while ministries of finance run large budget deficits and accumulate debt.
LC Classification Number
HG230.3

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