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PBoC should stop the silliness and float the RMB

PBoC should stop the silliness and float the RMB

This is morning we got this news (from Bloomberg):

A horrible start to the year

A horrible start to the year

It has been a horrible start to the year - a sharp escalation of geopolitical tensions between Iran and Saudi Arabia have sent shock waves through the global stock markets today. In China trading was suspended as stocks fell 7% and we have also seen sharp sell-offs in the European stock markets today.

A fistful of intellectual power: Goodbye Edward Hugh, R.I.P

A fistful of intellectual power: Goodbye Edward Hugh, R.I.P

Tonight I got the very sad news that British-Catalan economist Edward Hugh has passed away.

Do economists know what will happen in 2016?

Do economists know what will happen in 2016?

For the last couple of months I have been writing a weekly column for the Icelandic newspaper Fréttablaðið. I enjoy it a lot. First of all it keeps me in contact with Iceland - a country that since 2006 has been an important part of my professional and personal life. Second, it is a good alternative to my blog where I mostly focus on monetary policy.

Oil exporters do not devalue to boost exports, but to stabilize public finances

Oil exporters do not devalue to boost exports, but to stabilize public finances

Yesterday Azerbaijan's central bank gave up its pegged exchange rate regime and floated the Manat. The Manat plummeted immediately and was essentially halved in value in yesterday's trading.

The 'Dollar Bloc' continues to fall apart - Azerbaijan floats the Manat

The 'Dollar Bloc' continues to fall apart - Azerbaijan floats the Manat

I have for sometime argued that the quasi-currency union 'Dollar Bloc' is not an Optimal Currency Area and that it therefore is doomed to fall apart.

Talking to Ambrose about the Fed

Talking to Ambrose about the Fed

I have been talking to The Telegraph's  about the Fed's decision to hike interest rates (see here):

Bank of Canada at the Zero Lower Bound: The Export Price Norm to the rescue

Bank of Canada at the Zero Lower Bound: The Export Price Norm to the rescue

The continued drop in the oil prices have caused the Bank of Canada to reconsider whether it should cut it key policy rate - the Overnight rate - and in a speech earlier this week BoC governor Stephen Poloz said that he would not rule out negative interest rates in Canada even though he did not expect it and he also voiced some worries about negative rates in general.

It's the economy stupid - this is why Le Pen won

It's the economy stupid - this is why Le Pen won

I have argued it again and again - the continued crisis in the European economy is the primary source of political radicalisation, populism, extremism and outright fascism.

Coase was right - the one graph version

Coase was right - the one graph version

I recently came across two indices, which are measuring two on the surface unrelated things - property rights and environmental standards across different countries.

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