mainly macro

I normally publish posts in the first half of the week, but two separate attempts were overtaken by events, and they will have to wait for...

Mervyn King said “Central banks are often accused of being obsessed with inflation. This is untrue. If they are obsessed with anythi...

In this post I talked about the Knowledge Transmission Mechanism: the process by which academic ideas do or do not get translated into eco...

This is a rather long post about how one of the instruments of macroeconomic policy has been taken away, and replaced by a fetish about gov...

It is often said that generals fight the last war that they have won, even when those tactics are no longer appropriate to the war they are...

123.1. Overdraft facilities or any other type of credit facility with the European Central  Bank or with the central banks of the Member St...

Just how much should central bankers express views about fiscal policy? One reasonable response is not at all. Yet fiscal actions can have ...

In an earlier post I went through the logic of why we do not think higher government debt necessarily causes inflation, even if that debt ...

There is a great deal of discussion about the appropriate goals for monetary policy. Should it just be targeting inflation, or should centr...

Unfortunately I cannot find the written source (if any exists), but I am sure I have heard Mervyn King say, probably before he became Gove...