In a longer-run sense, I would view it as marginally unproductive, a worsening of the trade-off between growth and inflation. But will we be able to detect that I doubt it.
More Quotes from Paul Kasriel:
The dollar would have fallen faster or further had there not been this massive central bank intervention. If in fact they are going to cut back on their dollar-support activities, then the dollar is going to resume its decline, and that's going to have some inflationary implications.Paul Kasriel
We really don't want to give Greenspan a grade yet. You want to wait a year or two to see whether the seeds turn to weeds.
Paul Kasriel
The only reason they won't cut is because Alan Greenspan suggested he wasn't yet in the mood to cut, ... He's probably a Cubs fan as well -- they always say, 'Wait 'til next year.' In this case, Greenspan says, 'Wait 'til the second half.'
Paul Kasriel
The Fed is clearly not in the mood to preempt inflation. They're going to wait, and that ultimately will have some unpleasant ramifications.
Paul Kasriel
It's not a popular thing to say, but my suspicion is that it is upper income groups who tend to invest, and it's really investment that leads to stronger future growth, not consumption. If the tax code were skewed more in favor of middle-income groups, it's not clear to me that we would have a positive long-run impact on the economy.
Paul Kasriel
It's almost become a random number.
Paul Kasriel
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Based on Topics: Sense & Perception QuotesBased on Keywords: longer-run, marginally
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