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メモ キング総裁と記者のインタゲ虚構をめぐるやりとり
 イングランド銀行のインフレーションリポート関連は以下。会見フルテキストのほか、Webcastで聴くこともできる。
http://www.bankofengland.co.uk/publications/inflationreport/irlatest.htm

会見録は16ページの最後から。Webcastは34分過ぎから。
Paul Mason, BBC Newsnight:
「… at an increasingly rapid rate. Now somebody took the decisions that have led to this situation where the outcome is double the target. If that was any other part of life, in business or the economy there would be a big question asked about who took the decisions and what those decisions were. And I think people will understand that it's tough doing this job, there are surprises everywhere. But who was it who revelled in the fall of sterling? Who was it who printed £200 billion worth of quantitative easing? Who was it who took interest rates to zero bound? I mean, it was this Committee, and therefore you can't sit there and say - oh we've missed the target by a factor of 100%, but there's nothing we can do about it. People want answers to that」
Mervyn King:
「What would you have done, Paul? I seem to remember that you were very …」
Paul Mason, BBC Newsnight:
「 ... Put me on the committee and find out」
Laughter
Mervyn King:
「All of us, I'm sure, have enjoyed listening to you over the last two or three years about policy. Not once, not once, Paul, have you argued strongly that there should have been a significant tightening of monetary policy and that the economy needed to have a much deeper recession. My point to you is simply this -would you have had us deliberately raise interest rates by a significant amount in order to induce a much deeper recession; raise unemployment in order to push money wages down in the way that it has happened in Ireland and Greece and Portugal, in order to meet the inflation target in the short run; running a serious risk - which you would have been the first to point out to us, if we'd been here today in that position - you would have been saying, Paul, the first thing is - gosh look what you've done; maybe you've hit the inflation target in February 2011, but given the short run cost shocks that the UK economy has faced, you surely must be expecting a substantial undershoot in 2012 and 2013? And you would have been right. That is the explanation of what we did」
Paul Mason, BBC Newsnight:
「You're right there, Governor, but there is one problem. And that is that if we take that as a rational discourse, maybe there was nothing that could have been done without crashing the economy, that the target is a fiction, that's the problem - that the target, just to ordinary people is not anchored in reality. And so if everything
you did was necessary and it has doubled inflation above the target, then we're just - surely you're the experts not the bloke on the street, you're the ones in the position to say to the Chancellor- this target is just a fiction.」
Mervyn King:
「No, I don't think it's a fiction. And it's not…」
by bank.of.japan | 2011-02-22 20:21 | FRB&others | Comments(1)
Commented by かる at 2011-03-03 00:53 x
よくわかりませんが、多分色々な意味でやはり金融政策の有効性制は、経済の発展段階に反比例して有効ではないかとおも右京このごろです。ちなみに●くる経済とか、そういう類のものは信奉していませんがね。
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