Monetary Policy
How the government can minimise its interest obligations
The New Statesman – Avoiding waste in government – true waste, with no public benefit – is obviously a good thing. It frees up resources for productive spending or tax cuts, according to ideological preferences, views on how the economy works and electoral mandates. True waste can arise in obscure places: not just in how governments spend but also in how they tax and borrow. In recent years, some of the richest countries in the world, including Britain, have wasted resources in how they funded themselves, but for reasons so obscure and complex that few have noticed. I’m going to try to explain this while there is still time to do something about it. READ MORE
Preface For Simon Bowmaker Book On The Federal Reserve
The Federal Reserve is the most important central bank in the world, and has been since at least World War 2. My best guess is that it has rarely been regarded by the community of central bankers as the best in the world, in either monetary policy policy or financial stability, but that is partly related to its having been, in the main, a slow innovator, which is almost certainly a good thing given its global importance. When it has rushed reform —- moving ahead of other central banks —- it has not infrequently stumbled, recent examples being the so-called dot plots and the 2020 revisions to its monetary policy strategy, both causes for regret, as some of this book’s interviews make fairly clear. READ MORE
Outlines of a Reform Programme for the UK’s Monetary Regime,
Does the ECB Care about Inflation?,
Monetary System Stability as a Precondition for Local and International Order,
Outlines of a Reform Programme for the UK’s Monetary Regime,
The Financial Constitution of European Integration,
Quantitative easing, monetary policy implementation and the public finances,
Select Committee on Economic Affairs, corrected oral evidence: Quantitative Easing,
Understanding how central banks use their balance sheets: A critical categorisation,
Proposed Measures to Address Economic Elements of Current Pandemic Crisis,
Banking: Intermediation or Money Creation,
Central-banking accountability: A conversation with Sir Paul Tucker,
Liquidity Regulation and the Size of the Fed’s Balance Sheet,
Central Banking for a Post-Crisis World: Some Thoughts on Independence,Democracy and Legitimacy,
The Governance of Monetary and Financial Stability Policy,
European finance in the new international monetary and financial system,
Money, Banking, and Financial Markets,
The ECB’s QE: The rule of law, democratic politics and incomplete contracts,
