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Rates blog posted another article by me, this time talking about why the GFC persisted. So in the first one I laid down Fed actions as the catalyst, and in the second one I’ve primarily laid the blame on institutional confusion in Europe. I’m not sure anyone will find this article, by itself, particularly enlightening. […]
There is this view going around that the financial crisis has undermined central bank independence – or made it less important. I have no idea where this has even come from, and it doesn’t seem to follow for me. If anything, the crisis appears to have increased the importance of credibility and independence. What? Well […]
The new policy targets argreement is out today. What have we got? For the purpose of this agreement, the policy target shall be to keep future CPI inflation outcomes between 1 per cent and 3 per cent on average over the medium term, with a focus on keeping future average inflation near the 2 per […]
From Twitter, and email adverts, I’ve heard the Steve Keen is or was in town discussing economics. That’s good, everyone should be discussing economics. As you may have noted earlier both Anti-Dismal and myself have had issues with Keen’s analysis in the past – his criticism of microeconomics is just patently wrong. However, I intend […]
When looking at the European debt crisis, and even before that the Global Financial Crisis, people constantly described the risks as being shown through deflation – if we experienced deflation monetary policy must do “all it can” to turn things around and help to boost the economy. The lack of deflation around the world in […]
It should not be understated how important this would be for the world, and more importantly for New Zealand 😉 The suggestion that there is now a clear consensus for a plan that will essentially make the ECB a lender of last resort for the European financial system will help to knock the “financial crisis” […]