Euro crisis II has started. The good news is that we have been here before, so we have learnt some lessons, the bad news is the that the underlying challenge is far greater: Italy - the likely epicentre of th...
Climate policy: where economics went wrong
Regular readers of this blog will be aware of a twelve month hiatus since I last posted anything. There is a good reason. Corinne Sawers, a sustainability expert, and ...
When will the GameStop?
It is worth reflecting on the first major panic on the New York Stock Exchange in 1901. On that occasion two magnates, James Hill and Edward Harriman, one supported by Standard Oil, the ...
QE is not a liability transformation - it is debt reduction
The remuneration of bank reserves has been a source of significant analytical confusion among economists. This arcane technicality matters far more t...
I cannot think of a better interlocutor than Chris Dilow. He raises another set of interesting questions in his reply to my reply. I am in danger of completely forgetting our original divergence of thought, but...
Chris Dillow writes perhaps the most interesting economics blog I know. Its scope is considerable, and despite his declaration of bias - he self-identifies as a ‘marxist’ - he is typically empirical. His recent...
Post-lockdown the economy will need a different kind of stimulus
The role of monetary and fiscal policy during lockdown was to sustain household and corporate cashflows in the face of an intentional freezing o...
Policy response (updated)
Tax rebates for corporates & households, zero interest rates on mortgage and corporate loan refinancing, no debt capital repayment, targeted lending & QE, dual rates, yield cappin...