Category Archives: Uncategorized

Dear Neel I read that you are setting up a new research institute at the Minneapolis Fed to study inequality. I think this is a good use of resources. But I don’t think it’s appropriate for you to lead this … Continue reading →

As I wrote here for Iain Martin’s site Reaction Life, the delay in being transparent about what the UK government wants was, I conjecture, mostly about conducting a negotiation between former Tory Remainers and the victorious Brexiteers. The UK had … Continue reading →

The Indian government decided recently to withdraw 85% of paper currency.  Despite the hair-brained nature of this scheme, ostensibly aimed at reducing corruption and tax evasion, the Reserve Bank of India agreed almost overnight.  More intriguingly, it seems to be … Continue reading →

A recent Goldman Sachs piece on the UK holds the view that the BoE’s recent resumption of asset purchases will permit and prompt UK fiscal policy to be looser, postponing consolidation of the deficit.  The mechanism at work is that, … Continue reading →

He may as well have done. This speech came soon after several occasions locking horns with Jacob Rees Mogg over the Bank of England’s analysis of the pernicious economics effects of Brexit.  Rees Mogg wrongly accused the Governor of politicising … Continue reading →

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 →