Wednesday , June 19 2019
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Tony Yates: Long and Variable

Long and Variable is a blog about monetary policy and central banks. Authored by Professor Tony Yates (University of Birmingham), this blog is quite detailed and knowledgeable about global monetary policy.

Not entirely negative about Positive Money

Positive Money and I have had an exchange of blog posts on FT’s Alphaville about their suggestions for what the successor to Mark Carney, Governor of the Bank of England, should and should not do. I remain deeply opposed to any move to get the Bank of England involved in climate change mitigation, or any attempt to interfere with credit allocation in pursuit of a policy to re-engineer industrial composition to suit that or other political objectives.  Likewise, we should not set the...

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Labour, Brexit and the European elections

Leading figures in Labour like Jess Phillips were out on social media today, with a call to arms to fight the reactionary tendencies represented by The Brexit Party, promising to oppose with progressivism. This is a difficult pitch for Labour.  Labour is conceding the main declared objective of The Brexit Party – leaving the EU – the policy that defines the party now, and the achievement of which will give it impetus for its future goals. In each scenario in which Labour gets to be...

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‘Bollocks to Brexit’ critiques are bollocks

The Liberal Democrat campaign slogan has come under fire.  I think it’s a great slogan. It weaves together different feelings of those against the project:  ‘oh for God’s sake make it stop this is turning out really badly’ [recall Jolyon Maugham’s ‘make it stop’];  and also ‘this is really a bad idea and I am not ashamed to say so and I am not backing away from it just because of the 2016 referendum.’  Leave initally won the referendum by coalition building.  Of course it turned out...

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Memetics and economics

Preliminaries. This post writes up a short thread on Twitter on memetics and economics.  One that tells the story of a ‘paper’ I wrote perhaps 15 years ago or more, now, with the same title as this post, and sent to a now defunct journal ‘The Journal of Memetics’.  I don’t know why the journal folded.  Discussion of memetics is curiously absent on my Twitter feed.  Perhaps the idea proved a dead end, or just died for contingent reasons.  The rise and fall of memetics seems beautifully...

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Whatever Powell says, the Fed can’t avoid taking political considerations into account.

Yesterday, Jerome Powell said, following the Fed’s decision to raise its policy rate:  “political considerations play no role whatsoever in our discussions”. In some important senses, this cannot or at least should not be true. Trump has on several occasions commented in public to the effect that he would prefer the Fed not to raise rates.  The reason is an old one, and relates to why central bank independence was thought a good idea in the first place.  Trump has not wanted the Fed to...

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What is the best Brexit outcome for the SNP?

There are still multiple possible outcomes of the ongoing Brexit process.  The UK could revoke our A50 notice to leave the European Union and remain members.  We could seek a Brexit In Name Only solution, retaining freedom of movement and membership of the single market.  We could ratify the Draft Withdrawal Agreement and negotiate a harder Brexit involving an end to freedom of movement, and a departure from some elements of the single market, depending on efforts to obviate the...

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