Author Archives: Tony Yates

Interest rate forecasts, again

I hope someone can correct me here, but I dimly remember a Stanley Fischer chapter in the old Handbook of Monetary Economics, on central bank independence, that carried an entertaining footnote.  In it, Fischer reports that he showed a draft … Continue reading

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MPC’s discussions on publishing forward interest rates

I gleaned from the Guardian’s liveblog of the Treasury Committee hearing this morning that Carney disclosed that the Bank of England’s Monetary Policy Committee had discussions on whether to publish interest rate forecasts. A majority were not in favour, so … Continue reading

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Democracy’s vortex

I had a go at rewriting old blogs about the perceived-grievance-wrong-headed-sop-vortex that we might be headed into. …. According to Idealised Democracy 101, the way things are supposed to proceed is this: when something goes wrong in the economy, or … Continue reading

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Eurozone monetary and fiscal policy

Simon Wren Lewis writes despairingly about the state of Eurozone fiscal policy;  Northern core countries like Germany, France and the Netherlands pursuing zero deficits or surpluses, at a time when ECB interest rates are at the effective lower bound, and … Continue reading

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What did Monty Python metaphors ever do for us?

Tim Harford’s excellent adaptation of Monty Python in the face of generalized attacks on the economics discipline rather overshadows the other contributions, including mine, to the FT pieces published as a response to the Tom Clark / Chris Giles debate. … Continue reading

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A neo-Fisherian experiment that hedges its New Keynesian bets

The experience of a country like Japan, where interest rates have been at their floor for 2 decades now, and inflation is still undershooting the BoJ target of 2 per cent, is enough to test the faith of a New … Continue reading

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Phillips Curve bashing and immaculate inflation

A few points prompted by the recent exchange between David Andolfatto and Paul Krugman, and the recurrent phenomenon of comment pieces on the demise of the Philips Curve.  These pieces are hot lately because of the surprising coincidence of falls … Continue reading

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