sondo wrote:Кем и откуда?
На forex-торгах играют частные лица и банки![]()
У вас есть реальная аргументация что американское правительство подкидывает деньги?
Это черным по белому написано в рекомендациях Эггертсона, ответственного за макроэкономическое моделирование в NY FED:
The Deflation Bias and Committing to Being Irresponsible
I propose several policies to solve it. They all involve printing money or issuing nominal debt. In addition they require cutting taxes, buying real assets such as stocks, or purchasing foreign exchange. The government “credibly commits to being irresponsible” by pursuing these policies. It commits to higher money supply in the future so that the private sector expects inflation instead of deflation.
How to Fight Deflation at Zero Nominal Interest Rates: Committing to Being Irresponsible
V. Non-Standard Open Market Operations.
In this section I show how the government can increase prices by printing money (or debt) and buying real assets. This asset can be a parable for, say, foreign exchange, stocks... Some combination of deficit spending and purchases of real assets may, therefore, be the best solution.
VI. Conclusion
During the las few years, the short-term nominal interest rate has been zero in Japan. Over the last 10 years gross public debt as a fraction of GDP in Japan has more than doubled from 64.5% in 1990 to 130% in 2001, largely owing to deficit spending. Why has this failed to increase inflation expectations ? The assumption behind our results is that monetary and fiscal policy are coordinated to maximize social welfare. This does not need to be the case under all circumstances.
The cause of deflation bias was that the only instrument of policy was open market operations in short-term bonds. If the bank prints money and buys foreign exchange, there is always a positive probability that at some future date the bank will have to choose between high inflation or high capital losses. In this case, cooperation between the treasury and the central bank may be required to persuade a goal-independent central bank that is "too risk averse" to effectively commit to end deflation.
Gauti Eggertsson, Senior Economist (Federal Reserve Bank of NY)