kelton 2024/09/20

 

	Stephanie Kelton ⁦‪@StephanieKelton‬⁩ Deficits (and rising debt) don't push up interest rates. The Fed does. Nor do deficits typically get large enough spark inflation. Nowhere is this more evident than in Japan, but it is obviously true in the US as well. pic.twitter.com/b40QNUFXFO   2024/09/20 6:20

	Stephanie Kelton ⁦‪@StephanieKelton‬⁩ Finally, it's worth noting that you can tell a story consistent with the empirical evidence that deficits push interest rates down (not up) via conventional (IMO flawed) loanable funds. pic.twitter.com/Q3nBa8PEqx   2024/09/20 7:15

	Stephanie Kelton ⁦‪@StephanieKelton‬⁩ And to your point, ⁦‪@jonstewart‬⁩, a big reason deficits typically don't fuel inflationary pressures is because we tend to increase the deficit by funneling cash to corporations and the wealthy, so the resulting spending impulse is relatively weak. pic.twitter.com/bluMhbgzzD   2024/09/20 6:20

財政赤字（および債務の増加）は金利を押し上げるのではない。FRBがそうするのだ。また、財政赤字がインフレを引き起こすほど大きくなることもない。日本ほどこのことが顕著な国はないが、米国でも明らかにそうである。

 https://x.com/stephaniekelton/status/1836878016149885405?s=61

 

Stephanie Kelton

⁦‪@StephanieKelton‬⁩

Deficits (and rising debt) don't push up interest rates. The Fed does. Nor do deficits typically get large enough spark inflation. Nowhere is this more evident than in Japan, but it is obviously true in the US as well. pic.twitter.com/b40QNUFXFO

 

2024/09/20 6:20

 

 

 

 

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Stephanie Kelton

⁦‪@StephanieKelton‬⁩

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And to your point, ⁦‪@jonstewart‬⁩, a big reason deficits typically don't fuel inflationary pressures is because we tend to increase the deficit by funneling cash to corporations and the wealthy, so the resulting spending impulse is relatively weak. pic.twitter.com/bluMhbgzzD

 

2024/09/20 6:20

 

Stephanie Kelton

⁦‪@StephanieKelton‬⁩

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Finally, it's worth noting that you can tell a story consistent with the empirical evidence that deficits push interest rates down (not up) via conventional (IMO flawed) loanable funds. pic.twitter.com/Q3nBa8PEqx

 

2024/09/20 7:15

 

ステファニー・ケルトン

@StephanieKelton

財政赤字（および債務の増加）は金利を押し上げません。FRBが押し上げます。また、財政赤字がインフレを引き起こすほど大きくなることも通常ありません。日本ほどこの傾向が顕著な国はありませんが、米国でも明らかに当てはまります。pic.twitter.com/b40QNUFXFO

2024/09/20 6:20

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Stephanie Kelton

@StephanieKelton

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そして、@jonstewart さんのおっしゃるとおり、財政赤字がインフレ圧力を煽らない大きな理由は、企業や富裕層に現金を流すことで財政赤字を増やす傾向があるため、結果として生じる支出の衝動が比較的弱いからです。pic.twitter.com/bluMhbgzzD

2024/09/20 6:20

ステファニー・ケルトン

@StephanieKelton

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最後に、財政赤字は従来の（私の意見では欠陥のある）貸付資金を通じて金利を引き下げる（引き上げるのではなく）という実証的証拠と一致するストーリーを語ることができることは注目に値します。 pic.twitter.com/Q3nBa8PEqx

2024/09/20 7:15