Another quantitative easing video

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Another quantitative easing video발음듣기

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Let's say the United States economy is going into a recession or maybe even worse than a recession.발음듣기

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And you are the Chairman of the Federal Reserve and you need to do something about it.발음듣기

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Well, the first thing you would do is that you would lower the federal funds rate.발음듣기

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And that's the rate that banks lend to each other overnight.발음듣기

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And the way that you lower it, if the banks don't do it on their own after you say you want to lower it, is that you print money as the Federal Reserve.발음듣기

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And you use it to buy usually short-term treasury securities.발음듣기

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And then that money gets deposited in banks.발음듣기

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So the demand for reserves, because that's what these things are, the demand for reserves goes down, supply goes up, and the federal funds rate should go down.발음듣기

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But what happens if you keep doing this and you keep lowering the federal funds rate all the way down so that the overnight borrowing rate is approximately 0%?발음듣기

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What do you do then if the economy still looks like it's in a bit of a tailspin?발음듣기

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Well you could still print money, but using that money to buy short-term debt won't help any because you're not going to lower the short-term overnight interbank interest rate anymore.발음듣기

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So you can go out and buy other things.발음듣기

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And those other things can be longer term treasuries or it could be other types of securities.발음듣기

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You could buy mortgage-backed securities.발음듣기

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You could buy commercial debt.발음듣기

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And this idea of printing money, not just for target interest rate, but essentially, to get that money into circulation and maybe to affect other parts of the market, this is called quantitative easing.발음듣기

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And in Bernanke's mind, although that's exactly what he's doing, he's printing money to buy other things than what the Fed traditionally does when he cares about the overnight borrowing rate, he calls it, not necessary quantitative easing, but credit easing.발음듣기

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And in his mind, even though mechanically they are the same thing, in his mind, he saying, look, I'm printing this money not just for the sake of printing the money and putting it into circulation, I'm printing money so that I can buy particular assets where it seems like there might be a log jam in the credit markets.발음듣기

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Because with just printing money and buying government securities, maybe the interest rates on government debt goes down, but maybe because of panic or crisis, interest or the prices on these things don't behave properly.발음듣기

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So in order to fix that, credit easing, in the Bernanke sense, would be to go out and buy this type of asset.발음듣기

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