Search Results for: inflation target

I was interested to read Simon Wren Lewis‘ post on the dysfunction in the Eurozone caused by German improved ‘competitiveness’. Is this right?  Well, one thing I learned from those in my team at the Bank of England who were … Continue reading →

Simon Wren Lewis [here and here] pulls together his critique of the role of German economics in the Eurozone crisis. The Eurozone institutions had  3 flaws. First, the ECB was [at least initially] prevented from acting as a lender of … Continue reading →

Ben Broadbent’s speech on the Bank of England’s Inflation Forecasts, and the yield-curve based interest rate trajectories on which they are based, is as lucid account of the issues as you will find, compulsory reading for interested observers. Currently, the … Continue reading →

JM writes in the FT about things to be considered under the rubric of a mandate review, conducted for him by Danny Blanchflower, John Hall, Simon Wren Lewis and Adam Posen.  He writes that ‘operational independence’ is ‘sacrosanct’, which is … Continue reading →

This post is a repeat of many before, and consolidates Tweets from yesterday that were picked up in the FT story by Ferdinando Giugliano. We’ve now had speeches from the BoE urging inclusive capitalism [Carney], on the benefits of volunteering … Continue reading →

This is the question posed in Robert Peston’s blog today.   My answer:  yes and no. No, also, because while no mandate, certainly not the existing BoE one, is likely to be word-perfect, there should be a pretty high bar set … Continue reading →

This speech is an interesting overview of the difficulty that faces monetary policy mandate designers in this era of low equilibrium real interest rates. AGH tilts towards reforming monetary institutions to allow for substantially negative interest rates, rejecting permanent use … Continue reading →

Here Richard Murphy points out that a rise in Bank Rate would lead to a rise in margins.  This is a fair argument. Indeed, the main reason why MPC decided not to cut rates closer to the zero floor in … Continue reading →

That’s the conclusion of Richard Murphy’s latest blog.  He has latched onto the latest of dozens of speeches by central bankers pointing out that for one reason or another, they don’t expect the resting point of central bank rates to … Continue reading →