Animal spirits

Robert Shiller interviewed by Romesh Vaitilingam, 14 August 2009


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Topics:  Financial markets Frontiers of economic research Macroeconomic policy


I've enjoyed very much listening to Prof. Shiller about the danger of central banks promoting future inflation.

Born and living in Brazil for much of my lifespan I think Shillers's preoccupation is real. I also worry about the consequences of a long-duration "Christmas spree", particularly the ones by the Federal Reserve and the Bank of England.

The Brazilian Banco Central is also doing its part based on the fallacy that it has more than 200 billion US dollars in its warchest. This misconception comes from the demagogic switch made by our BC of Brazilian Treasury bills - paying more than ten percent to the FED - in exchange for US Treasury bills paying us about three percent yearly.

This is potentially if not really in the radar given that in 2010 Brazilians should elect a new president and Americans should elect a new Congress.

Arthur M. Okun Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management

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