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A couple of days ago I came across an article from Bloomberg, which I think is very telling about everything which is wrong about the recent hype about macroprudential policies.
It has not be a great year for Emerging Markets and the next Emerging Markets country to worry about could very well be Ukraine.
I have spent the last couple of days in the US – in New York and in Boston. Even though I have been working I have also had time to meet up with friends.
I just arrived in New York and I will spend the next couple of days in the New York and Boston. For once my timing is good - the Federal Reserve just announce that there is not going to be any tapering.
I have a new piece in today's City AM on central bankers as (pretend) superheros versus rules based monetary policy:
Here is what I believe:
I like to tell people that I prefer taxis where the driver is not wearing a seatbelt. This mostly confuses people – at least non-economists – because the general perception is that people who do not wear seatbelts are more “irresponsible”.
I have a piece in City AM today on the impact of fiscal austerity in the UK:
US bond yields continue to rise. To some this is a major risk for the global economy. However, I continue to think that there is no reason to worry about rising US bond yields - at least not from the perspective of the US economy.