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Cullen Roche @cullenroche
·
Jun 2, 2023
All else equal, I think it’s marginally deflationary since it reduces pvt sector net income. But since it’s often done concurrent with changing rates or deficits people blame QE for things caused by rates and deficits. This paper is superb IMO.
Paper
Jul, 2018
Cullen Roche @cullenroche
·
May 5, 2023
Nice thread. Another way of thinking about this is that deposits are sticky in a 0% rate environment and become flighty in a 5% environment. Velocity of deposits surges in the chase for yield and weak banks will be caught in the crosshairs as their funding costs rise.