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Tick tock...here comes the Zero Lower Bound again

Tick tock...here comes the Zero Lower Bound again

This week have brought even more confirmation that we are still basically in a deflationary world - particularly in Europe. Hence, inflation numbers for October in a number of European countries published this week confirm that that inflation is declining markedly and that we now very close to outright deflation in a number of countries. Just take the case of the Czech Republic where the so-called monetary policy relevant inflation dropped to 0.1% y/y in October or even worse Sweden where we now have outright deflation - Swedish consumer prices dropped by 0.1% in October compared to a year ago.

CNB should move to LEVEL targeting

CNB should move to LEVEL targeting

The readers of my blog will know that I am very supportive of the latest actions from the Czech central bank (CNB) to start to use the exchange rate as a policy instrument given the fact that interest rates effectively are stuck at the Zero Lower Bound.

Miroslav "McCallum" Singer finally acts

Miroslav "McCallum" Singer finally acts

Yesterday the global market focus not surprisingly mostly was on the ECB's surprise 25bp refi rate cut. However, from a monetary policy perspective something a lot more interesting happened in the Czech Republic. Hence, yesterday in connection with its monthly board meeting the Czech central bank (CNB) made the following statement:

Let me say it again - the euro zone is heading for deflation

Let me say it again - the euro zone is heading for deflation

Ambrose Evans-Pritchard at the Telegraph quotes me on the risk of deflation in the euro zone:

End the euro crisis now with a 10% M3 target

End the euro crisis now with a 10% M3 target

This is Michael Steen in the Financial Times:

Guest post: Reflections on Fama (By Otto Brøns-Petersen)

Guest post: Reflections on Fama (By Otto Brøns-Petersen)

If I ever had a real mentor I would have to say it was Otto Brøns-Petersen. Otto was my boss when I started working at the Danish Ministry of Economic Affairs in the Mid-1990s. Otto taught me a lot about economics, but he particularly taught me to understand the politics of economic policy making. Something that made me tremendously skeptical about the ability of policy makers to do the "right thing".

I am pretty bad at playing pool (there is no economics in this story)

I am pretty bad at playing pool (there is no economics in this story)

A couple of days ago I was playing pool with Mathias my 3-year old son (we are still on vacation). Or rather I was playing and he was telling me what balls to hit and where to pocket them.

More silliness from the tin foil hat Austrians

More silliness from the tin foil hat Austrians

I love reading the normally good blog posts on freebanking.org written by clever economists such as George Selgin and Kurt Schuler. However, the Facebook page of freebanking.org very often fails to live up to the same good standards as the blog. In fact most updates are what I consider to be internet-Austrian nonsense.

Fama, Shiller and Billy Beane - A Nobel Prize in Baseball

Fama, Shiller and Billy Beane - A Nobel Prize in Baseball

A couple of days ago it was announced that Eugene Fama, Lars Peter Hansen and Robert Shiller had been awarded the Nobel Prize in economic for their contribution to the understanding of asset prices.

The mother of all sudden stops - lessons from the 1930s

The mother of all sudden stops - lessons from the 1930s

I really never understood why most economists study so little economic history as they tend to do, but it is a fact that most professional economists are quite uneducated when it comes to economic history.

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