Joseph E. Stiglitz
Oct. 4, 2012
NEW YORK – Central banks on
both sides of the Atlantic took extraordinary monetary-policy measures
in September: the long awaited “QE3” (the third dose of quantitative
easing by the United States Federal Reserve), and the European Central
Bank’s announcement that it will purchase unlimited volumes of troubled
eurozone members’ government bonds. Markets responded euphorically, with
stock prices in the US, for example, reaching post-recession highs.
Others,
especially on the political right, worried that the latest monetary
measures would fuel future inflation and encourage unbridled government
spending.
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