Celebrating humanity's flourishing through the spread of capitalism and the rule of law
03 Feb 2024 Leave a comment
in budget deficits, currency unions, economic history, economics of bureaucracy, Euro crisis, fiscal policy, global financial crisis (GFC), great recession, inflation targeting, macroeconomics, monetary economics, Public Choice Tags: Euro
The euro technically started in 1999, when the 11 founding European members of the currency agreed to keep their exchange rates fixed and to hand over monetary policy to the European Central Bank. The euro then became the actual currency that people and firms used in 2002. I confess that, back in the early 1990s,…
The Euro at 25
08 Jan 2024 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economic growth, economic history, fiscal policy, inflation targeting, international economics, labour economics, macroeconomics, monetary economics, politics - New Zealand
29 Dec 2023 Leave a comment
in applied price theory, budget deficits, business cycles, defence economics, economic growth, economic history, economics of information, Euro crisis, fiscal policy, fisheries economics, global financial crisis (GFC), great recession, growth disasters, growth miracles, history of economic thought, human capital, inflation targeting, labour economics, labour supply, macroeconomics, monetary economics, Public Choice, public economics, unemployment
21 Dec 2023 Leave a comment
in business cycles, economic history, global financial crisis (GFC), great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics, politics - New Zealand Tags: monetary policy
The Herald ran an op-ed yesterday under the heading “Why the Government’s new Reserve Bank mandate may lead to worse outcomes”. It was written by Toby Moore who served as an economic adviser in Grant Robertson’s office while he was Minister of Finance (a fact the Herald chose not to disclose to its readers). I’m more […]
Unconvincing
18 Dec 2023 Leave a comment
in business cycles, economic growth, economic history, economics of bureaucracy, global financial crisis (GFC), great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics, politics - New Zealand, Public Choice Tags: monetary policy
When the Reserve Bank MPC came out late last month with its last words on monetary policy before its extended summer break, my post then was headed “Really?“. It was a commentary on the disjunction between the Reserve Bank’s inflation forecasts on the one hand, that showed quarterly inflation collapsing (not really too strong a word […]
Monetary policy turning points
16 Dec 2023 Leave a comment
in business cycles, economic growth, economic history, inflation targeting, macroeconomics, monetary economics
The quarterly GDP data were out on Thursday. Quite how one reads them probably depends on bit on where your focus lies. To the extent that the focus is on squeezing out inflation then any data that points to excess demand dissipating a bit faster is mostly a good and welcome thing. The sooner inflation is back to […]
GDP per capita growth
13 Dec 2023 Leave a comment
in business cycles, economic history, history of economic thought, inflation targeting, labour economics, macroeconomics, monetary economics, politics - New Zealand, unemployment Tags: monetary policy
I guess it will be an Act by the end of the day, but for now the short bill giving effect to a return to a single statutory objective for monetary policy is here. Yesterday’s parliamentary debate (first and second reading) is here, here, and here. The heart of the bill is this clause Note […]
Reserve Bank of New Zealand (Economic Objective) Amendment Bill
12 Dec 2023 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, fiscal policy, growth disasters, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics, unemployment Tags: monetary policy
Inflation rates have come down since their peak in mid-2022. Does the Federal Reserve need to continue its inflation-fighting ways, keeping interest rates high? Anil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski, and WeiZhao of the IMF look to historical and international experience in “One Hundred Inflation Shocks: Seven Stylized Facts” (September 2023, WP/23/190). As…
Lessons from Fighting 100 Inflations Since the 1970s
06 Dec 2023 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, inflation targeting, labour economics, macroeconomics, monetary economics, politics - New Zealand, unemployment Tags: monetary policy
It doesn’t seem to have been the best week for the Reserve Bank since the release of the latest Monetary Policy Statement last Wednesday. Of course, one could make a pretty compelling case that in the Orr years few weeks have been, and especially not any weeks when Bank figures actually say or do anything. […]
Really?
27 Nov 2023 Leave a comment
in business cycles, inflation targeting, macroeconomics, monetary economics, politics - New Zealand Tags: monetary policy
But first a correction. As I noted on Twitter and very briefly on the post itself on Saturday, it seems that the gist of my post on Friday was wrong. The repeal of Labour’s tobacco de-nicotinisation legislation – whatever motivated the parties that championed the change – will leave the flow of tobacco excise revenue […]
The new government and the Reserve Bank
22 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics Tags: monetary policy
15 Nov 2023 Leave a comment
in business cycles, economics of bureaucracy, financial economics, fiscal policy, inflation targeting, macroeconomics, monetary economics, Public Choice Tags: monetary policy
It was in mid-August that this particular bit of shameless Reserve Bank spin got going. From a post in late August It proved to be nonsense of course. Once we had access to the short little IMF piece, published at the back of the Fund’s Article IV review, it was clear that it all amounted […]
Shameless central bankers
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment Tags: monetary policy
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, econometerics, economic history, financial economics, fiscal policy, great depression, great recession, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics Tags: monetary policy
09 Nov 2023 Leave a comment
in budget deficits, business cycles, econometerics, economic growth, economic history, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, Milton Friedman, monetarism, monetary economics, public economics Tags: monetary policy
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Researching the House of Commons, 1832-1868
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