A new memo from Goldman Sachs (no link) looks at quantitative easing by treating it as equivalent to a shortening of the maturity of federal debt; among other things, the memo answers the question of where I got it from: work by Jim Hamilton and Cynthia Wu.
So, what GS estimates is that a trillion dollars of QE amounts to a one-year reduction in the average maturity of federal debt. How many people think that would be enough to have a transformative effect on the economy?
Paul Krugman is an Op-Ed columnist for The New York Times.
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