I believe that QE is a move in the right direction. However, as I have discussed on earlier occasions, I also think there are good reasons to suspect that the ultimate effects of any amount of QE are likely to be relatively modest. That’s why I would have greatly preferred for the committee to have been able to cut its target rate rather than using QE. The problem is that its target rate is already essentially at zero, and so it was not possible to cut the target rate any further.
O artifício fiscal para conseguir equivalência é bastante interessante, envolve aumento futuro de imposto sobre consumo e redução de impostos sobre trabalho e investimento. Mas tenho dúvidas de que tal artifício possa ser implementado na íntegra, por causa da presença de distorções políticas na elaboração de política fiscal.
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