Monthly Archives: July 2016

One person’s enlightened stabiliser is another’s wrong-headed sop

In my previous post I identified the vortex caused by responding to perceived grievance  with a policy sop  that is wrong headed and subsequently gives ground for further grievance and another round of misdiagnosis by the electorate. Of course it … Continue reading

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The perceived-grievance-wrong-headed sop vortex

That title, strangely, does mean something. Post-Brexit, post-Trump, post-financial crisis, there’s a desire to respond to the perceived grievances of those who voted to give incumbent governments a kick.  But in so far as these grievances are not genuine, responding … Continue reading

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Resetting the fiscal framework in the UK

Following on from my previous post…. Phillip Hammond has suggested a ‘reset’ of fiscal policy might be in order, which could be read as him recognising that monetary policy might not be able to offer an adequate response to the … Continue reading

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Monetary-fiscal coordination

People may differ on the effectiveness and desirability of unconventional monetary policy. But most of those in the sensible camp would agree that if we were about to head into recession, the most important aspect of the policy response is … Continue reading

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QE for the sceptical Monetary Policy Committee people

On the assumption that the Monetary Policy Committee loosen at their August meeting, the question arises as to what unconventional policy might be undertaken. There is a clear indication in the July minutes that this is under consideration. I have … Continue reading

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The Bank of England expects it will want to loosen, but didn’t

Yesterday the Bank of England’s monetary policy committee decided not to cut interest rates, despite most forecasting that it would. There was an innovation in monetary policy communication however. Although it would not cut rates today, the minutes revealed that … Continue reading

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Post referendum contingencies and leavers’ outrage

A theme in the aftermath of the referendum has been prominent Leavers’ outrage at the apparent lack of contingency planning for a vote to Leave on 23rd June. But I struggle to think what could have been done that would … Continue reading

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