Monetary Policy
Does the ECB Care about Inflation?
My title might seem like an extraordinary question: what can I possibly mean by does the ECB care about inflation? ’ If I disclose my answer is ‘no’, the question and answer might, indeed, seem completely crazy – and so uninteresting. In this chapter, I will try to persuade the reader otherwise, or at least create a sense that the European Central Bank (ECB) has a problem it must somehow seek to reduce, if not solve. READ MORE
Monetary System Stability as a Precondition for Local and International Order
Institute of International Monetary Research | Novels can tell us a lot about the world, and about a time. At the beginning of the Nobel Prize winner José Saramago’s The Year of the Death of Ricardo Reis – the avatar of Pessoa, the poet not the LSE economist for whom Portugal can also hope great things – the eponymous hero is disembarking in Lisbon after a long journey. Away for 16 years, he lacks local currency but that doesn’t matter at all for the porter who helps with the luggage. Not only a particular world but also a greater truth is captured in how this is described: “I have only English money, Oh, that’s fine, and he saw ten shillings placed into his right hand, coins that shone more brightly than the sun itself” (my emphasis). READ MORE
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,
