Japanification

Eurodollar University · May 15, 2020 · 32m

It is often said that there is, "nothing new under the sun", and with a few exceptions (e.g. negative nominal interest rates, negatively priced oil, TikTok) that is true, even with a monetary gewgaw like quantitative easing. Japan, so as to revive its economy, has been implementing different flavors of QE for just under two decades now (that's all one really needs to know about its effectiveness). In this episode we explore what lead up to the first QE program with a tour guide: Milton Friedman.

What was Friedman's analysis of 1970-90 from the perspective of money supply and economic…