マンキュウ教授の株式投資論

ハーバード大のマンキュウ教授の５つの株式投資論

（１）相場の情報は早く動く：いい情報なんて追っかけるな

（２）値動きは説明に窮する：値動きは後付けで説明できるもの

（３）株はよい儲けである：国債より儲かるよ

（４）分散投資しろ：一つの会社に投資するなら株なんか止めとけ

（５）世界に投資しろ：外国の株は怖いけど、買う意味はある

Christina Romer on Japanese Monetary Policy

Christina Romer speaks about the recent Japanese monetary policy and she insists on the importance of the regime shift of monetary policymaking at the time of deflation and stagnation.

While I read it, I find that Mr. Kuroda, the governor of BOJ, tried the regime shift.

Romer does not know if Mr.Kuroda's monetary policy will work, but she says that the regime change was the key factor to the recovery from the Great Depression of the 1930s.

Her report is very important in that she puts emphasis on the role of regime shift in macroeconomic policymaking.  

A US Congressional Report

I have read the US Congressional Report for the first time:

 http://www.fas.org/sgp/crs/row/RL33436.pdf

This caught the attention of the Japanese Press:

"Comments and actions on controversial historical issues by Prime Minister Abe and his cabinet　have raised concern that Tokyo could upset regional relations in ways that hurt U.S. interests. Abe is known as a strong nationalist."

The Press especially likes 'Abe is known as a strong nationalist'. And so what? 

Japan has a weak political structure(especially divided parliament) and economy. The people get older and older, and get tired of their rigid politics. Japan needs to tackle such challenges. Well said!

Romer on Inflation Targeting

The Bank of Japan has acceped the inflation targeting as a new monetary-policy framework, which has said that it will double the monetary stock in two years and that it will reach 2% of the rate of inflation.

David Romer, the famous author of the graduate textbook, 'Advanced macroeconomics', talked about the inflation targeting;

Concerning monetary policy, inflation targeting appeared to be a wonderful framework for its first fifteen or twenty years. But we have now had an extended period where it has shown itself incapable of providing aggregate demand at the level that is widely recognized to have been needed. So it seems important to think about whether we should have a different framework for monetary policy. 

日本語訳：　金融政策に関して、インフレ・ターゲティングは最初の１５年か２０年は優れた枠組みのように見えたが、もはや金融政策が必要だと広く認知される水準まで総需要を引き上げることが困難な時期に来ている。金融政策について違った枠組みを考えることが重要であるように思える。