How are central banks expected to function if the world’s smartest economists and policymakers can’t even agree on the basics?
Target2 balances reflect euro area’s potential to be better than traditional exchange rate peg regime
Think of it within the context of the balance of payments as foreign exchange reserves that can never be depleted.
Hobby Lobby agrees to forfeit 5,500 artifacts smuggled out of Iraq; sleeping with the enemy can cost a bank a lot of money; yield hunger; the Fed and technocratic illusions; if you want vol wish for war; NYT wedding pages; George RR Martin’s soup obsession; other stuff.
In this guest post, economics professor and former Bank of England economist Tony Yates talks about the potential for “cryptocurrencies” to compete with government-backed money, and what central banks can do about it.