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Chuck Norris is back in the running

Chuck Norris is back in the running

I seldom agree with Joseph Stiglitz on anything, but I agree with him that it would be a bad idea to name Larrry Summers new Fed chairman. So both Stiglitz and I should be happy today as Summers has redrawn his candidacy for new Fed chairman.

We agree on nothing - me and that other guy who will run the Fed
The Peltzman effect and banking regulation

The Peltzman effect and banking regulation

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”.

It is time to stop worrying about austerity - also in the UK

It is time to stop worrying about austerity - also in the UK

I have a piece in City AM today on the impact of fiscal austerity in the UK:

It is time to let bygones be bygones

It is time to let bygones be bygones

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.

There is no ’fiscal cliff’ in Japan – a simple AS-AD analysis

There is no ’fiscal cliff’ in Japan – a simple AS-AD analysis

It is now very clear that what Milton Friedman advocated the Bank of Japan should do back in the mid-1990s – to expand the money base to get Japan out of deflation – is in fact working. Nominal spending growth is accelerating and with it deflation has come to an end and real GDP growth is fairly robust.

Happy Entrepreneur Day

Happy Entrepreneur Day

I see a lot of people in the US have been happy to declare yesterday labor AND capital day (See for example Mark Perry at the American Enterprise Institute here). The argument is that you not only need labour to produce, but you equally need capital. That is all fine - even though I think it is a bit childish. For most Americans labor day is a just another holiday with no political significance. Celebrating the role of labour in the economy does not mean Americans think less of capitalists after all most Americans deep down fully well know that capital is at least as important as labour in the production of goods and services.

What are Crashes in Cycling’s Grand Tours telling us about banking crisis?

What are Crashes in Cycling’s Grand Tours telling us about banking crisis?

The concept of moral hazard can often be hard to explain to non-economists - or at least non-economists are often skeptical when economists try to explain excessive risk taking in banking with moral hazard problems. Non-economists often prefer a simpler explanation to banking crisis - bankers are simply evil and greedy bastards.

The RBI and memories of the 2008/9 central bankers panic
Prediction markets and UK monetary policy

Prediction markets and UK monetary policy

I have long argued that central banks should utilise prediction markets for macroeconomic forecasting and for the implementation of monetary policy.

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