Monthly Archives: July 2014

What I thought John Cochrane would have said about legislating a Taylor Rule for the Fed

John Cochrane recently responded on his blog to the news that Congress were going to debate that the Fed be required by legislation to choose a monetary policy rule, and stick to it, justifying when and why it departs from … Continue reading

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Bailey and Carney punch the Bank for International Settlements below the belt

Mark Carney (Governor of the BoE) and Andrew Bailey (Head of the Prudential Regulatory Authority within the BoE) were sharply critical of recent warnings by the BIS that central banks were fueling another crisis by keeping rates too low.   Carney … Continue reading

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Why Civil Service Department Heads should have one eye on future governments

A document listing the desired attributes of a future leader of a Ministerial Department has caused a storm in the UK.  One of its recommendations is that a candidate be able to “balance ministers’ or high-level stakeholders’ immediate needs or … Continue reading

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Market monetarist views are a mish-mash of the good and the silly that don’t belong together anyway

Market monetarism seems to be trending in the twittersphere and the blogosphere.  Before I ventured into these noisy arenas, I’d never heard of it.  After reading some of the outputs, I find myself struggling to understand it.  What the hell … Continue reading

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Should Congress legislate so that the Fed is forced to follow policy rules?

No. But, as John Taylor alerted us in his blog, a new bill has been introduced that would have this effect, if passed.  I presume that this is one of those bills that no-one expects to pass, but is put … Continue reading

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ECB minutes: Draghing the ECB into the 21st century?

President of the ECB Mario Draghi has announced that from January 2015 the ECB will publish an ‘account’ of the deliberations of Council meetings on monetary policy.  Whether and how this new step along the road to greater transparency is … Continue reading

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The Bank for International Settlements crying interest rate ‘wolf!’

The Bank for International Settlements siren calls that central banks around the world should be raising nominal interest rates to choke off an orgy of risk taking grabbed more attention on the chatosphere than I expected, since this is what … Continue reading

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