New empirical research establishes a strong relationship between very low interest rates set by the Fed, as in the period 2002-2005, and a risk-taking search for yield. This policy-induced lessening of risk aversion has been emphasized by Raghu Rajan and others as a key factor bringing on the financial crisis. The new empirical support for this view is reported in the working paper “Risk, Uncertainty and Monetary Policy” by Geert Bekaert, Marie Hoerova, and Marco Lo Duca.(…)
The bottom line of this empirical research, as the authors put it, is that “lax monetary policy increases risk appetite (decreases risk aversion) in the future, with the effect lasting for about two years and starting to be significant after five months.” Their result is important to the policy debate because such monetary policy has been “cited as one of the contributing factors to the build up of a speculative bubble prior to the 2007-09 financial crisis.”
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Fundamentais
Aborto
Casamento e Estado
Captura do Estado
Democracia e escolhas democráticas
Estatização da Cultura
Enriquecimento Ilícito
Financiamento Autárquico
Iraque
Liberdade de Expressão
Parcerias Público-Privadas
Pinochet
Regionalização
Tolerância -
Artigos publicados na revista Dia D
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"abrantes" Alberto Gonçalves Alberto João Jardim Alemanha Alfama School of Economics austeridade BCE BE Benfica BPN Cavaco Silva CGD China comunismo crise Cuba Democracia desemprego Despesa pública Dívida Pública Economia Educação Egipto elefantes brancos Espanha estado social estatismo EUA extrema-esquerda FCG Fed FMI França Friedrich Hayek futebol Geert Wilders Grécia História Impostos Irlanda Irão Islamismo Israel José Sócrates justiça Liberdade de Expressão Madeira mitos históricos Nanny State Novas Oportunidades Obama OE OE2011 OE2012 Paul Krugman Pedro Passos Coelho Portugal PPP PS PSD rating reestruturação regulação Reino Unido RTP segurança social SNS Socialismo terrorismo Tunísia UE União Europeia Venezuela Zona Euro Álvaro Santos Pereira -
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