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Italy's Greater Depression - Eerie memories of the 1930s
Turning the Russian petro-monetary transmission mechanism upside-down

Turning the Russian petro-monetary transmission mechanism upside-down

Big news out of Moscow today - not about the renewed escalation of military fighting in Eastern Ukraine, but rather about Russian monetary policy. Hence, today the Russian central bank (CBR) under the leadership of  Elvira Nabiullina effectively let the ruble float freely.

The fall of the Berlin Wall and the end of global extreme poverty

The fall of the Berlin Wall and the end of global extreme poverty

Today it is 25 years ago the Berlin Wall came down. It has become the symbol of the end of communism and is surely something which should be celebrated.

The massively negative euro zone ‘Divisia Money Gap’

The massively negative euro zone ‘Divisia Money Gap’

This will not be a long post - I have had a busy week with a three-day roadshow in Poland and it is after all Saturday night - but it will be long enough to yet again point the fingers at the ECB for its deflationary policies.

Orphanides also wonders what happened to the ECB's monetary pillar

Orphanides also wonders what happened to the ECB's monetary pillar

Yesterday the Shadow Open Market Committee (SOMC) held its regular semi-annual meeting in New York.

Mike Darda tells it as it is - The ECB's deflationary failure

Mike Darda tells it as it is - The ECB's deflationary failure

This is my good friend Michael Darda speaking on Bloomberg TV about the ECB - needless to say I agree with everything he says.

Milton, Melamed and Me

Milton, Melamed and Me

Earlier this week Leo Melamed and myself spoke about Milton Friedman and markets at the Danish free market think thank CEPOS. See the show here

The Brilliant Nick Rowe

The Brilliant Nick Rowe

This is our own Nick Rowe on "Boom-Bust".

Time for the Fed to introduce a forward-looking McCallum rule

Time for the Fed to introduce a forward-looking McCallum rule

Earlier this week Boston Fed chief Eric Rosengreen in an interview on CNBC said that the Federal Reserve could introduce a forth round of quantitative easing – QE4 – since the beginning of the crisis in 2008 if the outlook for the US economy worsens.

Tighter monetary conditions – not lower oil prices - are pushing down inflation expectations

Tighter monetary conditions – not lower oil prices - are pushing down inflation expectations

Oil prices are tumbling and so are inflation expectations so it is only natural to conclude that the drop in inflation expectations is caused by a positive supply shock – lower oil prices. However, that is not necessarily the case. In fact I believe it is wrong.

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