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Notes -
You say rates should be as low as possible without causing inflation. I say they should be as high as possible without causing unemployment. Who's right? The Fed has a lot of room to make decisions based on vibes, not just their dual mandate. Reminder me again why they lowered rates in 2019 into record low unemployment?
But yes, I was oversimplifying and lumping QE/QT in with interest rates.
As long as it is due to a high savings rate and not a low demand for capital, a low interest rate is good because it increases asset prices, making us richer, and makes more potential investments profitable, expanding the capital stock, which increases productivity and the demand for labour, raising incomes.
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