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'Bullish Mikio' makes me optimistic on BoJ (and the world)

'Bullish Mikio' makes me optimistic on BoJ (and the world)

As my loyal readers would know I have been somewhat critical about the Bank of Japan's handling of the recent rise in bond yields in Japan. See for example here and here.

"Bitcoin is Memory"

"Bitcoin is Memory"

Bitcoin has been one of the most talked about talked topics over the past year. Despite of this there is relatively little economic research that has been done on the topic so far. However, a new working paper by William Luther and Josiah Olson add important insight to the economics of bitcoin.

Is Bernanke pulling Greece out of the crisis?

Is Bernanke pulling Greece out of the crisis?

For the first time in a couple of weeks I have felt kind of optimistic today. It might actually be that the Federal Reserve and the Bank of Japan will not repeat the mistakes of 1937 - at least I am hopefully we have learned something from 1937.

Mr. Kuroda's credibility breakdown

Mr. Kuroda's credibility breakdown

This morning the Nikkei index has dropped has much as 6%. By any measure this is an extreme drop in stock prices in one day. Furthermore, we are now officially in bear market territory as the Nikkei is down more than 20% in just three weeks. I can only see one reason for this and one reason only and that is the breakdown of the credibility of Bank of Japan governor Kuroda and his commitment to fulfill his official 2% inflation target.

Confused central banks and the need for an autopilot

Confused central banks and the need for an autopilot

For somewhat more than a decade I have regularly been watching monetary policy decisions from different central banks around the world. Most 'modern' central banks in the world announce changes to monetary policy once every month. Mostly these events are pretty much none-events - the central banks do not surprise markets much. However, over the last fives years it has certainly been harder to predict the outcome of these meetings compared to how relatively easy it was in the decade before the crisis.

Denmark and Utah - Miles Kimball and me

Denmark and Utah - Miles Kimball and me

Scott Sumner has an interesting new post in which he argues that Utah is "America's Denmark". I like Scott's theory a lot. Mostly because I think of Utah is how Denmark used to be. I really don't like to write about Denmark, but this topic is too interesting to miss.

"Political Extremism in the 1920s and	1930s: Do	German Lessons Generalize?"

"Political Extremism in the 1920s and 1930s: Do German Lessons Generalize?"

While surfing a bit on Brad DeLong's blog I came across a reference to what looks like a very interesting paper by one of my favourite economic historians - Barry Eichengreen. He has co-authored the paper "Political Extremism in the 1920s and 1930s: Do German Lessons Generalize?" with Kevin H. O’Rourke.

"Everything reminds Paul Krugman of the GOP. Everything reminds me of sex, but I try to keep it out of my papers."
Mr. Draghi you have not delivered price stability. Now please do!

Mr. Draghi you have not delivered price stability. Now please do!

The ECB is very proud of its 2% inflation target. The problem is just that it is not hitting it.

The Melaschenko-Reynolds banking resolution model makes a lot of sense (damn that is not a sexy headline)

The Melaschenko-Reynolds banking resolution model makes a lot of sense (damn that is not a sexy headline)

I recently bashed the Bank of International Settlements for having irrational bubble fears. That, however, do not mean that I think that BIS is making bad research. Rather I think that BIS comes out with a lot of interesting research. The latest BIS paper I have read is a paper by Paul Melaschenko and Noel Reynolds on banking resolution.

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