-
Recent Posts
Recent Comments
Nicoletta Batini on Team transitory vs team p… Simon Price on Should Mervyn recuse himself f… gardinerams on New piece in Prospect on vacci… Dipper on How a Brexit transition end an… theuxbridgegraduate on Fiscal rules have been rightly… -
Archives
- October 2021
- February 2021
- January 2021
- October 2020
- July 2020
- April 2020
- March 2020
- February 2020
- August 2019
- June 2019
- May 2019
- January 2019
- December 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
Monthly Archives: August 2013
Scottish? Don’t let the SNP hoodwink you into thinking you can have a currency union without tight fiscal oversight
Back in April, the Treasury published a report explaining, in short, that an independent Scotland could not be a member of a currency union, managed by the Bank of England, without considerable fiscal oversight. The Scottish National Party (SNP) dismissed … Continue reading
Posted in Uncategorized
11 Comments
Political economy of subsidies to bank borrowing
Not the modest interventions to try to stimulate lending, but the huge subsidies to bank borrowing implied by the state guarantee to prevent banks failing (discussed in various writings by Andrew Haldane), which allows them to borrow from private markets … Continue reading
Posted in Uncategorized
Leave a comment
Why do markets not share MPC’s views about future interest rates?
Mark Carney, Governor of the Bank of England, spoke yesterday to try to convince markets that interest rates will stay lower for longer than they expect. Assuming that was the intention, it wasn’t very succesful. Why don’t markets share the … Continue reading
Posted in Uncategorized
Leave a comment
Paul Krugman vs Roger Farmer
Recently Roger Farmer published an open letter criticising Krugman’s commentary on modern macro. He points out that Krugman frequently alludes to the fact that the Great Recession is due to self-fulfilling prophecies, without citing Roger’s prior work. Krugman replied, explaining … Continue reading
Posted in Uncategorized
Leave a comment
Why it’s harder to build new houses in the UK than France
This is a brief response to Allister Heath, of CityAM, who has been writing and tweeting about how desirable it would be to build more new houses in the UK, and how meagre new building is in the UK compared … Continue reading
Posted in Uncategorized
Leave a comment
Krugman on history of recent macro thought
Increasingly, I find Paul Krugman’s [PK] forays into macroeconomics (or rather, the history and sociology of macroeonomic thought) bizarre, highly selective (selected in order to back his own view that unlimited stimulus obtained anyhow is great) and ridiculous. This post … Continue reading
Posted in Uncategorized
1 Comment
Fudged Guidance, and the guess
Two more thoughts on the Fudged Guidance, which I think more accurately describes the launch of the new framework than ‘Forward Guidance’. Both are repeats. The first rants about the ‘Fudge’, in the Guidance. The second is about the … Continue reading
Posted in Uncategorized
Leave a comment
Forward guidance to make existing stimulus ‘more effective’, ie more powerful?
The key question at the heart of the revelation of the new framework for the implementation of monetary policy is whether it constitutes a loosening of monetary policy, relative to what was envisaged before. It seems inconceivable that there could … Continue reading
Posted in Uncategorized
Leave a comment
Theory is dead; long live theory [Summer silly season]
In a typically entertaining and provocative recent blog post, Noah Smith pronounced ‘the death of theory’, and then proceeded to offer a post-mortem. Paul Krugman thought he had exaggerated a little, but still accepted the basic premise, and then offered … Continue reading
Posted in Uncategorized
3 Comments
Some desirable transparency housekeeping for the MPC’s forecast
The MPC will shortly publish its August inflation forecast, and its evaluation of the policy of ‘forward guidance’, commissioned back in March by the Treasury (an action I previously noted was tantamount to saying ‘how about looser monetary policy, folks?). … Continue reading
Posted in Uncategorized
Leave a comment