Joseph Gagnon glaubt auch, dass Abenomics notwending ist:Although the BOJ’s plan to buy long-term bonds worth around 25 percent of GDP over the next two years is certainly bold, we simply do not know how bold is bold enough. Here are three steps the BOJ could take to increase the effectiveness of its policy: (1) accelerate already planned bond purchases in a flexible manner with an eye toward damping volatility in nominal bond yields; (2) dramatically raise the share of QE devoted toward purchases of equity, which may have larger economic benefits than purchases of bonds; and (3) increase the total volume of QE until inflation expectations in bond markets reach the 2 percent goal.
As the saying goes: in for a penny, in for a pound. The BOJ has staked its credibility on achieving 2 percent inflation within two years. Now is not the time to get cold feet.
Die Frage ist immernoch dieselbe: Der jetzige Zustand ist unhaltbar. Wie schlimm kann es werden wenn wir es mal anders versuchen?