W pętli ZIRP

"Wczorajszy komunikat po posiedzeniu FOMC jest majstersztykiem polityki monetarnej w świecie zerowych stóp procentowych (ZIRP), ale naprawdę w tle widać grę z polityką innych banków centralnych i strach przed konsekwencjami, jakie mogą przynieść… rynkowe oczekiwania."

http://blogi.bossa.pl/2014/12/18/w-petli-zirp/

The Myth of the Omnipotent Central Bank

"“Inflation”, said Milton Friedman, “is always and everywhere a monetary phenomenon”. Upon this statement has been built three decades of faith in the omnipotence of central banks. It does not matter what government does: it does not matter what markets do: it does not matter what shocks there are to the economy. As long as central banks get the money supply right, there will be no inflation. Or deflation. Growth will simply proceed smoothly along a pre-determined path.

Leaving aside the question of whether central banks really control the money supply at all in an endogenous fiat money system, it is clear to me that the control of inflation – in all its forms – is by no means so simple. Despite Friedman’s statement, the forces that create inflation and deflation are in reality poorly understood."

http://pragcap.com/the-myth-of-the-omnipotent-central-bank

Common Myths About the Federal Reserve

"Few institutions invoke more emotion and mythology than global central banks.  And the Federal Reserve, being the central bank in the world’s largest economy, happens to garner a special amount of attention.  Unfortunately, not all of this attention is warranted and much of the understanding about this institution is misleading or incorrect.  This page will clarify some of the myths and misunderstandings about the Fed."

http://pragcap.com/common-myths-about-the-federal-reserve