Estímulo sem multiplicador

THIS month America will reach two economic milestones. The Federal Reserve’s “quantitative easing”, or QE—loosening monetary policy by buying bonds with newly created money—will draw to a close. And the recovery QE was designed to spur will reach its second anniversary.
Yet no one will be celebrating at next week’s meeting of the Fed, where officials are almost certain to reiterate that the $600 billion programme of bond purchases will end this month...
Measured by totting up income rather than spending, the economy is no bigger than in 2006... About $1.2 trillion in fiscal stimulus has been injected since Mr Obama took office. The Fed cut interest rates to nearly zero and then, in two rounds of QE, bought $2.3 trillion of government and mortgage-backed bonds...
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