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Why central banks are suddenly sounding hawkish
29 Sep 2021 - Dario PerkinsCentral banks across the world have pivoted to a more hawkish mode in recent weeks. While this is in part acknowledgement that the recovery from COVID is continuing – albeit more hesitantly than officials expected at.
#Central Banks #Monetary Policy #Inflation
Secular turning point in inflation?
12 Mar 2021 - Dario PerkinsThese days, economists tend to assess monetary policy relative to some deep underlying interest rate (the “equilibrium rate”, or r*) which depends on structural forces and is largely beyond the control of central banks..
#Central Banks #Monetary Policy #Inflation
Economists’ guide to Christmas (redux)
23 Dec 2020 - Dario PerkinsThis was something we published back in 2013 – the Economists’ guide to Christmas. But we made a serious omission, by leaving out Modern Monetary Theory. So here’s an update, incl. MMT: ‘If you put two economists in a.
#Central Banks #Federal Reserve #European Central Bank #Bank Of England #Bank of Japan #Modern Monetary Theory
QE Nuclear Options
19 Nov 2020 - Dario PerkinsAn effective COVID-19 vaccine is great news because it will save lives and means we might still escape from the current economic crisis with minimal long-term scarring. Yet, the global economy faces a difficult winter,.
#Central Banks #Liquidity #International Monetary Fund #Macro Picture
Covid Scarring. Impact in 12 charts
09 Nov 2020 - Dario PerkinsCovid economic scarring is not inevitable, but it is becoming likelier with a second wave of the virus and “fiscal fatigue” setting in. Central banks are determined to ensure scarring does not materialise, but fiscal.
#Fiscal Policy #Covid19
Long covid
06 Nov 2020 - Dario PerkinsThe authorities’ attempt to reopen their economies has caused a sharp acceleration in COVID cases across Europe and the US, the (entirely predictable) “second wave” of the pandemic. While the health authorities are.
#Recession #Fiscal Policy #Covid19
Perma-frosts and fiery endgames
06 Nov 2020 - Dario PerkinsThe bond-equity correlation has gone mainstream in 2020, thanks in part to what happened in March when yields spiked even as equities crumbled (i.e. there was a POSITIVE correlation in returns). While this was.
#Central Banks #Equities #Bond markets
K-runch Time
12 Oct 2020 - Dario PerkinsData for other countries confirms the tendency for inequality to widen during recessions, though the picture is more mixed than the US experience – because it depends, in part, on the policy response. UK disparities,.
#Monetary Policy #Fiscal Policy #Inequality #K Recovery
Central Banks are changing
30 Sep 2020 - Dario PerkinsOnce upon a time, it was my job to advise the UK government on the Bank of England’s policy remit, which the Chancellor has the option of adjusting every year. I’m sure whoever is in that role today is spending much of.
#Central Banks #Federal Reserve #Monetary Policy #European Central Bank #Inflation
The Covid-19 recession: L comes after K?
17 Sep 2020 - Dario PerkinsIt is a cliché to say everyone’s experience of the COVID-19 recession has been different, but no sell-side economist ever shies away from using cliché to construct a narrative. For some people – especially those on the.
#Recession #Fiscal Policy #Covid19 #Unemployment #Macro Picture
