Deflation
Long-term inflationary pressure set to rise, research finds
Changed environment makes central banks’ task harder, Kenneth Rogoff and other researchers say
Thai prime minister clashes with central bank governor over policy
PM calls for lower rates amid negative inflation while governor criticises government’s handout plans
Book notes: We need to talk about inflation, by Stephen King
A short, sensible book that highlights key issues – and might make a good, belated Christmas gift!
China slides back into deflation
Falling pork prices are a major drag on consumer prices
The predicament of bloated central bank balance sheets
Swollen balance sheets carry significant risks for combating inflation, ensuring financial stability and preserving central bank credibility, independence and effectiveness. How can central banks reduce them?
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
PBoC cuts key rates as economy stutters
China stops publishing youth jobless rate after record-high figure in June
China’s new lending slumps to lowest since 2009
Analysts believe PBoC has limited room to cut interest rates amid current yuan weakness
Time to pay policy-makers based on their performance
The remuneration framework for central bankers needs reform amid failures to hit inflation targets, argues David Bholat
PBoC holds key rate amid lacklustre GDP growth
Chinese economy grew 6.3% in second quarter, missing expectations by a full percentage point
A letter to Andrew Bailey
As the Bank of England struggles to bring inflation down, Jagjit Chadha warns the governor not to let markets take control
Book notes: A guide to good money, by Brendan Brown and Robert Pringle
The authors make some good points even if one does not agree with this full-bodied attack on Keynesian economics and inflation targeting
Japanese inflation hits 41-year high
Inflation now double the BoJ’s target, but officials are not convinced it will last
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
Joseph Stiglitz on the challenge of fixing macroeconomics
The Nobel Prize-winning economist discusses the flaws in mainstream models and how to repair them, whether central banks went wrong in 2021, and what to do – or not to do – about inflation
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
Central bankers have lost sight of inflation
Inflation resurgence comes after central bankers were distracted from their primary task by climate and crypto, combined with an overreliance on new Keynesian approaches
Masaaki Shirakawa on lessons from crisis and how to reform central banks
The former governor reflects on a turbulent 40 years at the Bank of Japan, and considers how central banks might face up to the challenges of the future
Final frontier? Japan after the Kuroda experiment
The Bank of Japan has pushed monetary easing close to its limit, yet inflation is barely above zero. What happens now?