Democracy in Europe
The ability to print money is a precondition of sovereignty. It is also a cornerstone of modern financial and economic systems. For all the talk of money being created by banks, in a panic it is clear that the ...
The effects of negative interest rates. A brief reply to Miles Kimball
Miles Kimball has developed a very intriguing idea. He wants there to be an exchange rate between physical cash and electronic money (deposits) and a steeply negative interest rate on deposits to stimulate spen...
Cashless dreams … Or nightmares?
Martin Sandbu wittily suggests that advocates of competing contingency plans for central banks resemble Pythonesque political factions. He thinks a compromise could be a marriage made in heaven. But as a paid u...
How Labour should respond to Corbyn
Jeremy Corbyn’s rise to prominence is revealing. It shows a Labour party bereft of intellectual leadership. Politics is crying out for inspiring policies - ambitious, radical policies, which positively address ...
Money in Europe
The ECB caused the crisis, and ended it. An extract from Money, published by Routledge, read more....
Eurozone QE clears the way for tax cuts
In a very clear analysis, Paul de Grauwe shows how QE could work in the Eurozone. National central banks, or the ECB, would buy government bonds in proportion to member states’ share of ECB capital. National go...
The Constant Reserves Multiplier
Central banks should pursue simpler, less costly and more effective policies. If policymakers want higher spending, they should transfer cash directly to households.
Some advocates of helicopter drops have arg...
Talk at IIEA (part II)
Can QE save the Eurozone? Talk at the IIEA in Dublin IIEA part II...
Further thoughts on TZB
This way of framing the problem also provides an administrative alternative for the ECB to effect cash transfers. Rather than posting checks to households, it could launch an ATLTRO - a TLTRO for all. Under thi...
Talk at IIEA
Can QE save the Eurozone? Talk at the IIEA in Dublin IIEA part I...