Monthly Archives: October 2017

Stopping Brexit won’t take the economy back onto its pre-referendum path

Nick Clegg’s latest article on how to stop Brexit, and the OECD report on Britain arguing that reversing Brexit would boost UK growth, prompted this post. The OECD writes: “In case Brexit gets reversed by political decision (change of majority, … Continue reading


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‘No deal’ spending isn’t a complete waste of money, Mr Hammond

Chris Giles, FlipchartRick and others have explained why Philip Hammond is reluctant to spend money on trying to mitigate the economic costs of failing to agree any kind of deal by the time the A50 notice period expires in March … Continue reading

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VOXEU piece on Bank of Japan equity purchases

Here’s a piece Toby Nangle and I did on the BoJ purchases of equties via ETFs.

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The vicious circle impeding the entry of a new currency

Cryptocurrency prices have been soaring and tanking and soaring again.  Here is a chart of the Bitcoin/£ exchange rate: The following thought experiment shows how a new currency with a fixed supply protocol may find it hard to break through … Continue reading

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Larry Summers on the passing need for central bank independence

Larry Summers wrote this piece recently, marking the 20 year celebrations of independence for the UK’s Bank of England, explaining why he thought the case for central bank independence was now weaker than in the past.  I am going to … Continue reading

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Agreeing a central bank communication strategy

In conversation at MMF yesterday, a few of us were discussing what it would take to tip the MPC or similar into deliberating on, voting on, and publishing interest rate plans?  With their frequent yield-curve-talking, MPC are heading towards this … Continue reading

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Do monetary policy committees present an insuperable barrier to Odyssian forward guidance?

One kind of forward guidance – consciously eschewed by central banks during the crisis – was dubbed ‘Odyssian’. The idea was that, deprived of being able to move the short interest rate by the zero bound, central banks would attempt … Continue reading

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Has central bank independence had its day?

Charles Goodhart, speaking at the Bank of England’s recent conference celebrating 20 years of central bank independence, was reported to have said ‘it was nice while it lasted’.  Andrew Benito of Goldman Sachs, speaking on a panel at a Money … Continue reading

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