Search Results for: inflation target

In 2002 I was seconded at the ECB, and tasked – with another, from the research department – with writing a note to the Governing Council on oil prices and monetary policy.  If I remember correctly, in the 3 months … Continue reading →

There is continuing debate on the blogosphere about whether, contrary to common monetary economics parlance, interest rates are not low because inflation is low, but low interest rates are actually causing low inflation, with more contributions from John Cochrane, Noah … Continue reading →

More on helicopter money, prompted by Simon Wren Lewis’ post, and exchanges with Eric Lonnergan and others in the comments appended to my last post on this. First, responding to Simon.  He says that I argue “that if the central … Continue reading →

I read on Faisal Islam’s twitter feed that Alex Salmond had suggested on Sky to Adam Boulton that the SNP should get its rightful share of the gilts bought under the QE program by the Bank of England.  This prompted … Continue reading →

Paul Krugman and Simon Wren-Lewis characterise the Eurozone crisis as partly or wholly caused by German intransigence, the outcome of which is monetary and fiscal policy that is too tight, forcing an unnecessarily harsh fiscal and competitiveness adjustment on the … Continue reading →

This post recaps on today’s tweetstorm about core inflation, which follows Paul Krugman’s blog on the topic.  It’s late on Friday, productivity levels are falling, and I can defend not doing my bit for my co-authors on my revise and … Continue reading →

Mark Carney (Governor of the BoE) and Andrew Bailey (Head of the Prudential Regulatory Authority within the BoE) were sharply critical of recent warnings by the BIS that central banks were fueling another crisis by keeping rates too low.   Carney … Continue reading →

Market monetarism seems to be trending in the twittersphere and the blogosphere.  Before I ventured into these noisy arenas, I’d never heard of it.  After reading some of the outputs, I find myself struggling to understand it.  What the hell … Continue reading →

The Bank for International Settlements siren calls that central banks around the world should be raising nominal interest rates to choke off an orgy of risk taking grabbed more attention on the chatosphere than I expected, since this is what … Continue reading →

Chris Giles wrote that the Bank of England was ‘institutionally doveish’, recalling when the London Metropolitan Police was labelled as ‘institutionally racist’.  I don’t agree, despite that Chris’ article pre-empted the Bank of England’s Monetary Policy Committee leaving interest rates … Continue reading →