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The Cato Institute and Fraser Institute have published their annual report on Economic Freedom of the World. As always it is interesting stuff. One can of course always debate the methods used to rank different countries in Economic Freedom ranking, but I nonetheless think it gives a pretty fair description of the overall tendencies.
There is more good news from Japan today as new data shows that core inflation rose to 0.8% y/y in August and I think it is now pretty clear that the Bank of Japan is succeeding in defeating 15 years' of deflation. Good job Mr. Kuroda!
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”.