Market movements this month have led to renewed fears that changes in US financial and monetary conditions will trigger a painful wave of capital flight from emerging markets...
detailsThe COVID-19 pandemic is accelerating the long-term shift away from cash, and monetary authorities risk falling behind. A recent report from the G30 argues that if central banks want to shape the outcome, they need to start thinking fast.
detailsOnly monetary policy addresses credit throughout the economy. Until inflation and real interest rates rise from the grave, only a policy of effective deep negative interest rates, backed up by measures to prevent cash hoarding by financial firms, can do t
detailsThe broad consensus of the COVID-19 era holds that measures to protect public health imply hard trade-offs with economic growth and political liberty.
detailsWith interest rates at record lows and global growth set to continue decelerating, there has rarely been a better time for governments to invest in infrastructure and other sources of...
detailsIn an environment of secular stagnation in the developed economies, central bankers ingenuity in loosening monetary policy is exactly what is not needed. What is needed are admissions of impotence, in order to spur efforts by governments to promote demand
detailsThe valid insight behind "modern monetary theory" – that governments and central banks together can always create nominal demand
detailsA decade after the 2008 financial crisis, faith in markets self-regulating abilities once again lies in tatters. There simply is no single real interest rate that would spur investors to funnel all existing savings
detailsOver the past few years, the US Federal Reserve has been ahead of other major central banks in normalizing monetary policy.
details