TANSTAAFL is an acronym for "There ain't no such thing as a free lunch". It has been around a long time - Rudyard Kipling used it in an essay in 1891 - but it was popularized by Robert Heinlein's 1966 book, "The Moon is a Harsh Mistress". In economics, it most often refers to tradeoffs or opportunity costs; resources are [...]
What is (was?) Quantitative Easing intended to accomplish? Here's what Ben Bernanke said at Jackson Hole when he first proposed the program: The channels through which the Fed’s purchases affect longer-term interest rates and financial conditions more generally have been subject to debate. I see the evidence as most favorable to the view that such purchases work primarily through the [...]
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