Exactly this. There really needs to be more recognition that what’s “normal” changes over time, depending on demographics, the distribution of income & wealth, etc.
@generaltheorist.bsky.social had a good post on this a few days ago. (Sadly, he doesn’t post much on here.)
An obituary to the IMF's chief nemesis and a lovely caring man, Peter Doyle . Thanks to my co-author and substack host @generaltheorist.bsky.social
moneyinsideout.substack.com/p/peter-doyle
Sharp analysis by @generaltheorist.bsky.social @exantedata.bsky.social: "Since the euro was formed at the turn of the millennium, one constant theme has been the unnecessary tightness of German fiscal policy—and therefore shortage of reserve asset supply from the heart of the single currency." 1/2
Friends, I am starting a new Substack next week "Geostrategy for these tumultuous times" that will bring an interdisciplinary approach to tackling the #macroeconomic, #demographic, #financial, #fiscal, #security, #environmental, #trade, #technological and #governance challenges the world is facing!
Interesting. I guess this is what led to this: www.jstor.org/stable/27276...
Not to mention the BOE's "scenarios."
The Bernanke Review might have put focus on scenarios, but they have to change pretty quickly and be forward-looking to be useful. The Bank is stuck with the same three scenarios for a year while the world has moved on enormously.
If you translate this you will get some suggestions on punishing the US through tariffs: www.dn.no/innlegg/euro...
The October Budget was an odd one as it initiated a combined fiscal and monetary tightening as the macro institutions in the UK (the OBR and BOE) interpreted the fiscal impulse as expansionary.
moneyinsideout.substack.com/p/austerity-...
Great post from @generaltheorist.bsky.social on Argentina, Milei, the challenges the country faces and the impossibility of abolishing the central bank.
This is ace.
Many good points reflecting on Bank of England performance by @generaltheorist.bsky.social. one of main ones will be dear to the heart and brain of @t0nyyates.bsky.social . BoE should publish views on expected rates, for to do otherwise comes with big costs
www.batimes.com.ar/news/economy...
A conversation with David Laidler on his distinguished career in macroeconomics
thegeneraltheorist.com/2023/10/29/a...
The Bernanke Review
moneyinsideout.exantedata.com/p/the-bernan...
Great news.
@generaltheorist.bsky.social has joined us.
If you want top BOP analysis, of tricky cases notably Argentina, and trenchant dissection of the guts (not waffle) of IMF WEOs, he is a go-to.
Free thinker.
Some good follows have joined in the past 24hrs:
@generaltheorist.bsky.social
@simontilford.bsky.social
@bondvigilantes.bsky.social
@kimdriver.bsky.social
