Bernanke: ‘The Problem With QE Is it Works in Practice, but it Doesn’t Work in Theory’

so in devising qe ░░░░░░░░ all these other unconventional ░░░░░░░░ policies were you pretty ░░░░░░░░ that the theory would ░░░░░░░░ or what whatever you ░░░░░░░░ into it well the ░░░░░░░░ with qe is that ░░░░░░░░ works in practice but ░░░░░░░░ doesn t work in ░░░░░░░░ yeah and the other ░░░░░░░░ about forward guidance probably ░░░░░░░░ i think it s ░░░░░░░░ bit of exaggeration to ░░░░░░░░ that it was it ░░░░░░░░ all unprecedented obviously we ░░░░░░░░ the case of Japan ░░░░░░░░ they had taken some ░░░░░░░░ these actions we had ░░░░░░░░ experiences we learned some ░░░░░░░░ from the 30s and ░░░░░░░░ on i think of ░░░░░░░░ as being a basic ░░░░░░░░ principle which is that ░░░░░░░░ are some of the ░░░░░░░░ that we ve been ░░░░░░░░ shorts and friedman talked ░░░░░░░░ which is that the ░░░░░░░░ you can stem tlat ░░░░░░░░ is by swapping liquid ░░░░░░░░ for less liquid assets ░░░░░░░░ s essentially what a ░░░░░░░░ open market is on ░░░░░░░░ side of forward guidance ░░░░░░░░ cetera people like michael ░░░░░░░░ and Paul and others ░░░░░░░░ talked about those issues ░░░░░░░░ how that would how ░░░░░░░░ would work so we ░░░░░░░░ relying on research i ░░░░░░░░ just we say parn ░░░░░░░░ i think that monetary ░░░░░░░░ in general is an ░░░░░░░░ example of how thinking ░░░░░░░░ a policy institution and ░░░░░░░░ the academic world can ░░░░░░░░ know mutually benefit each ░░░░░░░░ and we made use ░░░░░░░░ the ideas that we ░░░░░░░░ from academia and also ░░░░░░░░ that came from our ...