Monthly Archives: November 2013

Price level targeting: response to NY Fed blog

In a nice post on the New York Fed’s blog, Liberty Street Economics, Marc Giannoni and Hannah Herman write on price level targeting.  In a nutshell, they observe that, whatever the FRB said it was doing ex ante, ex post … Continue reading

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More on the Scottish Currency skullduggery

A post-script to my previous post on this, thanks to another friend who can’t be named and tweeting by Monique Ebell and Angus Armstrong at NIESR. 1.  First-off, on the insidious association with the notion of Sterling as an ‘asset’ … Continue reading

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SNP playing dirty over the currency question

This morning’s interview on UK’s Radio 4 ‘Today’ program with Deputy First Minister for Scotland, Nicola Sturgeon, of the Scottish National Party, had me shouting at the receiver.  I don’t know whether she and the SNP leadership understand the monetary … Continue reading

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John Taylor not applying the Taylor Rule?

Well, not quite, but it was worth it for the headline.  In this post, John Taylor cites recent work by Erceg and Levin at the Board of Governors, pointing out that headine unemployment rates are a bad indicator of true … Continue reading

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Post script on the campaign to reform the economics curriculum

I enjoyed Simon Wren Lewis’ excellent post on this on MainlyMacro.   A few points by way of a post-script. 1.  Simon comes close to giving the impression that the only conclusion you can reach from ‘mainstream’ textbook models is that … Continue reading

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Goldman Sachs’ HQ and UK exit from the EU

Last night, watching Goldmans’ explain carefully that a UK exit from the EU would be one of the things they would consider in locating their HQ, it struck me that we have seen many such interviews, and all of them … Continue reading

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Debt-ceiling fights destroy many kinds of money, and money in many countries.

I wrote before about how worries about a possible default or interruption in payments on US debt, resulting from Congress failing to agree a rise in the debt-ceiling, destroy money and liquidity.  Just to tease two things out of the … Continue reading

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Won’t the Tea Party have to call everyone’s bluff to retain credibility?

Thinking ahead to the next round of the debt-ceiling talks in February.  Republican negotiators may be worrying that they are losing credibility.  The first time they extracted real concessions from Democrats.  This time they got nothing of note and appeared … Continue reading

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5 triumphs at the Bank of England

I have, occasionally, pointed out things that the Bank has done well in this blog.  However, it’s fair to say that most of what I have done is to detail things I think could be done differently.  But in case … Continue reading

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We should have all copied the Swedish debt management office

I heard an interesting tale during my Riksbank visit, from Karolina Ekholm, Deputy Governor.  She explained to me that in the immediate aftermath of the crisis, the Swedish debt management office were OVER-issuing government debt [ie selling more than they … Continue reading

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