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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.

The Danish Centre for Military Studies on Syria

The Danish Centre for Military Studies on Syria

If I were to write a blog post on Syria I would write about the law of unintended consequences, but I am not going to do that. Instead have a look at this paper from the Danish Centre for Military Studies on "Syria's Military Capabilities and Options for Military Intervention".

The Danger of an All-Powerful central bank - against macroprudential policies

The Danger of an All-Powerful central bank - against macroprudential policies

I have often disagreed with the views of University of Chicago Professor John Cochrane over the paste five years. However, his latest oped in the Wall Street Journal is spot on.

The Angell rule - a market approach to monetary policy

The Angell rule - a market approach to monetary policy

I have for some time had the idea that Federal Reserve thinking in the second half of the 1980s and the early part of the 1990s was dominated by a view that in many ways resembles Market Monetarist thinking. Here especially Wayne Angell and  Manuel "Manley" Johnson played an important role. Johnson was on the Fed's Board of Governors from 1986 to 1990, while Angell served on the Board of Governors from 1986 until 1994. Both had been appointed by President Reagan. You can think of them as the original Supply Side Monetarists.

Maybe the Brazilian central bank should give Mike Belongia a call

Maybe the Brazilian central bank should give Mike Belongia a call

Central banks from India to Turkey and Brazil these days seem to completely have lost track of their objectives - jumping from one objective (inflation targeting) to another (exchange rate targeting) and back. Confusion rules.

The Bird fight - Yellen vs Summers

The Bird fight - Yellen vs Summers

I have co-authored a paper on Yellen versus Summers with my Danske Bank colleagues Signe Roed-Frederiksen, Kristoffer Kjær Lomholt and Mikael Olai Milhøj. This is the abstract:

Helmut Reisen on the "China as monetary superpower" hypothesis

Helmut Reisen on the "China as monetary superpower" hypothesis

I have in a number of blog posts argued that China is a global or at least an Asian monetary superpower, which is exporting monetary tightening across Asia.

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