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’Understanding your central banker
If you can tell a little about someone from the books they read, you can tell a lot about them from the books they write, especially if they’re a central banker.
Morgan Stanley economist Spyros Andreopoulos has dipped into the library at the “Global Central Bank” and draws comfort from the number of “depression economics”
Beyond the QE2 adventure
While everything blows up… a blow-out speech by Adam Posen:
Make no mistake, the right thing to do right now is for the Bank of England and the other G7 central banks to engage in further monetary stimulus.
[Gavyn Davies] MPC still split in four directions
The minutes of the Bank of England’s MPC meeting in March released on Wednesday morning show that the committee lines up in exactly the same way as it did last month.
One member (Posen) wants to ease monetary policy,
Gilts, bashed
In a way, you sort of have to give gilts credit for hanging on to the anchor even as HMS QE2 sails out of reach, out of the harbour, into the distance, based on stronger UK GDP data.
Sure, 10-year gilts are already selling off — from historic lows — chart via Bloomberg (click to enlarge):
Posen to surplus countries: easy money won’t inflate asset bubbles
Still fresh after his performance as the lone dissenting dove on the UK’s Monetary Policy Committee, Adam Posen has now used the expertise for which he is perhaps best known — Japan’s lost decade(s) — to argue in a speech that easy monetary policy doesn’t lead to asset bubbles.
Something for Mr Posen and his friends
Here’s something for Adam Posen and all those in favour of further quantitative easing to chew on; UK retail sales have fallen for a second month in a row according to the Office of National Statistics:
Duking it out on the MPC
Finally, the three-way split into one hawk, one dove — and seven undecided — has occurred at the Bank of England.
From the minutes of the Monetary Policy Committee’s October meeting:
Seven members of the Committee (the Governor,
Ahead of the MPC minutes
What then has the City made of Meryn King’s “sober” speech to a gathering of business leaders in Wolverhampton on Monday?
The media has focused on the Bank of England governor’s warning that the international monetary system had become “distorted”.
So QE-asy it hurts
Gold glittering past a nominal record high:
The dollar sinking to a five-month low against the yen:
And even the euro is getting used to life at $1.35.
Clearly, Tuesday’s insider-y WSJ article on the Fed and QE2 has made waves.
QE, the UK, Japan and samurai central banks
Bank of England Monetary Policy Committee member Adam Posen is a Kurosawa-fan.
He is not, however, a fan of likening Britain’s future to the ‘Lost Decade’ experienced by Japan.
In a Monday night lecture,
What is the BoE’s QE plan B?
Central bankers, as Alan Greenspan learnt to his regret, need to look like they have a plan B.
And so does the Bank of England. Combative MPC member Adam Posen on Tuesday morning seems to be dropping strong hints that something could be cooking over on Threadneedle Street.
The UK has a ‘disturbing parallel’ with Japan, says Posen
The good news — quantitative easing will not cause inflation.
The bad news — we need to reform the whole banking system before QE can be withdrawn.
So says Adam Posen, the newly-recruited Bank of England monetary policy member and “Lost Decade”-specialist,
The BoE’s axeman speaks
Adam Posen, the new addition of the Bank of England’s monetary policy committee, has been speaking on Tuesday morning at his appointment hearing before Parliament’s Treasury Committee.
And true to form Posen,
The Bank hires an axeman
Hey, this should be fun.
The Treasury has just announced that one Adam Posen is to join the Monetary Policy Committee, replacing Tim Besley.
Posen has form. He’s the deputy director of the Peterson Institute in Washington and he’s the man who delivered a riveting piece of Congressional testimony at the end of February,
What the economists say – US financial sector regulation
Over at FT’s Economists’ Forum some of the world’s finest economic minds debate lucidly, if lengthily, on the issues raised in columns by Martin Wolf and economics contributors such as Larry Summers and Willem Buiter.