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Bemoaning the Chinese exchange rate when talking about the structure of the US exchange rate is looking increasingly unreasonable. I don’t think either country should be messing around with trade policy and intervention, and I think they are both doing irresponsible things. But if we are just going to look at the exchange rate lets […]
That is the story for this, that and the fact that our stock of debt is still elevated. My view of where we are heading has been heavily downgraded over the past week. NZ policy makers have done a great job, the government and the RBNZ have been sensible. NZ households have worked with what […]
Institutional Economics has some good points on the boost to Australia’s terms of trade – points we can keep in mind over here. Relative to what we pay for our imports, Australia now gets higher prices for its exports than at any time since at least 1870. This was illustrated by Reserve Bank Governor Glenn […]
From point 3 on this piece on Rates Blog we have the following statement: It’s good to see the issue of free trade being debated. Frankly, it hasn’t worked for the middle classes of the developed world. They got cheap stuff, but lost their jobs. How exactly does this make sense when during the “peak” […]
The daily post for today has been delay to next week – as this issue needs to be covered now. That’s what the RBNZ is likely hearing when columns like this appear. This one is from Bernard Hickey, where he bemoans the Bank’s decision to signal an increase in interest rates (which will increase long […]
I would be lying if I said this didn’t depress me. Economists, great economists, economists I idolize stating that there are “imbalances” we must solve – and then telling us how to solve them without actually describing what the imbalance is and why it exists.