Phooey on Financial Repression

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Should the Fed raise interest rates? Are ultra-low interest rates good for investors because they drive up the prices of stocks and real estate, fattening household balance sheets? Or are zero rates an insidious tax, rearranging the terms of trade between borrowers and lenders, as well as between individuals and government, and making investors poorer over time?

Phooey on Financial Repression,” with Thomas S. Coleman, AJO, September, 2015.

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