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Yet another year of asymmetrical monetary policy - revisiting the Weidmann rule

Yet another year of asymmetrical monetary policy - revisiting the Weidmann rule

Nearly a year ago - January 2 - I wrote a blog post on what I termed the Weidmann rule. In the blog post I argued that the ECB is basically following a rule - named after Bundesbank boss Jens Weidmann - which is asymmetrical. The ECB will tighten monetary conditions in the event of a positive aggregate demand (velocity) shock, but will not ease in the event of a negative demand (velocity) shock to the euro zone economy.

Merry Christmas

Merry Christmas

Dear friends and readers,

The hawks should start advocating NGDP targeting to avoid embarrassment

The hawks should start advocating NGDP targeting to avoid embarrassment

Over the past six years the “hawks” among UK and US central bankers have been proven wrong. They have continued to argue that a spike in inflation was just around the corner because monetary policy was “high accommodative”. Obviously Market Monetarists have continued to argue that monetary policy has not been easy, but rather to tight in the US and the UK – at least until 2012-13.

Importing monetary tightening - the case of Belarus

Importing monetary tightening - the case of Belarus

Everybody has been following events in the Russian markets this week, but fewer have kept an eye on Russia's smaller neighbour Belarus, but the small country is seeing some serious contagion from Russia.

Collegial advice among Russian central bankers

Collegial advice among Russian central bankers

Former Soviet central bank governor Victor Gerashchenko about present-day CBR governor Elvira Nabiullina:

The high cost of currency (rouble) stability

The high cost of currency (rouble) stability

This is from Reuters today:

Commodity prices, currencies and monetary policy

Commodity prices, currencies and monetary policy

It has been a busy year for me - it has especially been the Russian-Ukrainian crisis, which has kept me busy. However, I thought that this week would be fairly calm - I didn't have any traveling planned, not a lot a meetings scheduled and I had not expected to be too busy.

H. L. Mencken on the Russian central bank

H. L. Mencken on the Russian central bank

 H. L. Mencken“For every problem, there’s a simple solution. And it’s wrong.”

Political unrest is always and everywhere a monetary phenomenon - also in Greece
Oil prices, inflation and the FT's good advice for central bankers

Oil prices, inflation and the FT's good advice for central bankers

This is from the Financial Times' FT View:

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