It is five years since the introduction of quantitative easing (QE) in Britain. This chronology is from my latest Fund Strategy cover story. QE was first implemented in Britain five years ago. However, there were precedents in other countries. The Bank of Japan implemented a form of QE from 2001 to 2006. In November 2008 the Federal [...]
This is the main text for my Fund Strategy cover story on five years of extraordinary monetary policy in Britain. I will post the accompanying boxes over the next couple of days. It is easy to forget how much Britain’s financial architecture has changed in just five years. Back in early 2009 the term quantitative [...]
Adair Turner is probably the closest the British establishment has to a go-to guy on finance and much else besides. During his long career he has provided both intellectual and practical leadership on some of the thorniest problems Britain faces. His CV is remarkable. After many years at McKinsey, one of the world’s top management [...]
This column first appeared in the March edition of Fund Strategy. The accompanying graph is available to see here. This column may be a little more personal for readers than normal. It concerns the likely trajectory of wages in the near future. In particular whether there are any signs of an upward trend after the [...]
All the talk about how the Bank of England should best pursue forward guidance has missed the bigger picture. The ever-greater powers assumed by the Bank in recent years represent an abnegation of democracy. This trend is objectionable in principle and damaging in practice. The rot had already started to become apparent back in 1997 [...]
Given the Federal Reserve’s role in keeping the American economy afloat in recent years its 100th anniversary has attracted remarkably little attention. The centennial of the central bank provides a good vantage point to examine the increasingly powerful institution. Anyone who doubts the Fed’s part in bolstering the economy in recent years need only look [...]
What is the likely impact of policies to redress wide economic inequalities? Many support this goal and some abhor it but few take the trouble to spell out exactly what they mean by equality in this context. Barack Obama’s 2014 State of the Union speech provided a good opportunity to unpick the concept. The president [...]
The vast majority of economic discussion focuses on the wrong indicators. It obsesses over the relatively marginal and misses the truly important. Take the huge outpouring on the latest inflation figures compared with next to nothing devoted to news on labour productivity. The first is of secondary significance while the latter is a crucial measure [...]
It has become the received wisdom that quantitative easing (QE) has played a central role in pushing up asset prices in recent years. That makes it a particularly good time to question the contention. Many commentators, including myself, have gone on to argue that QE has favoured the rich disproportionately since they hold most financial assets. [...]
One of the worst habits of the current generation of younger adults is to blame their older peers for many economic and social problems. Such scapegoating is understandable in those in an awkward teenage phase but anyone over 20 should have grown out of it. Take the discussion of household debt. It is often framed [...]
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