Posen poses a question and fails to answer it
In a characteristically combative speech today, Adam Posen, an external member of the Bank of England's Monetary Policy Committee, insists interest rates are a blunt tool for combating asset price...
View ArticleMacroprudential policy: Brazil’s experience
Macroprudential is the buzzword of the moment (as this post notes, policymakers are keen to slap the label on anything they can). But do macroprudential measures actually work? Of course, that depends...
View ArticleA lesson from Asia on macroprudential policy
Nobody is quite sure yet what does and doesn’t count as macroprudential policy. But, given it’s seen as a force for good, central bankers are keen to pin the tag on as much of what they do as possible....
View ArticleLiquidity management: the case for haircuts
External MPC member David Miles said last week he was a lot more concerned about getting capital requirements right than liquidity buffers. This is odd. Few would deny that banks needed more and better...
View ArticleA mixed message from the FPC
The Bank of England’s Financial Policy Committee statement, out today, has left a lot of people scratching their heads. The first of two recommendations calls on banks to “take any opportunity they had...
View ArticlePaul Fisher finds his voice
I always enjoy reading speeches by Paul Fisher, executive director for markets at the Bank of England. They clearly set out his views and appear to come straight from the central propaganda unit of the...
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