Krugman is Right; The Bond Vigilantes are Impotent
From Great Leap Forward
November 25, 2012 - 11:12am
In his column Paul Krugman pretty much nails the MMT approach to interest rates on sovereign government debt: http://krugman.blogs.nytimes.com/2012/11/25/incredible-credibility/?smid=tw-NytimesKrugman&seid=auto. Forget the Bond Vigilantes; they have no perceptible impact on those rates. The short rates have to compete with the Central Bank’s overnight policy rate (fed funds in the US). Since very short maturity treasuries [...]
November 25, 2012 - 11:12am
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