Author Archives: Tony Yates

Dear Scientists.  I am not one of you.  Or rather, [and this is part of the problem], you will, mistakenly, not think of me as such.  But I have some advice about how you need to go about rethinking what … Continue reading →

Link here.  H/t David Keohane for getting me going on this, and putting me right on facts about how many have bank accounts in India.

Here.  Sorry, behind paywall.  

Many are fretting, in the face of Brexit and Trump and Le Pen and AFD and Five-Star that economies are doing too little to combat inequality. At the same time, with global real rates set to be low for the … Continue reading →

One view of QE – encoded in, for example, Eggertson and Woodford’s 2003 paper, and similar – is as follows. It comprises two steps, one effective, one redundant.  Step one is the creation of money to buy on the open … Continue reading →

One way to implement helicopter money is to have the government finance a tax cut or a government spending increase, with a conventional bond issue, and have the central bank buy the bonds with newly created electronic money. During the … Continue reading →

The plan for unwinding central bank QE, at least as stated by the Bank of England and the Fed, is that asset sales won’t start until the recovery has got to the point where sales won’t have to be reversed. … Continue reading →