Tag Archives: Monetary Policy

Lekha Chakraborty(Professor, NIPFP, and Member of Governing Board, International Institute of Public Finance, Munich) Climate change is about risks and uncertainty. How well the monetary policy stance can incorporate such risks and uncertainties is questioned by many economists. There is a broad consensus among economists that fiscal policy is capable of dealing with the climate crisis but monetary policy is not, due to the latter’s lack of tools. It is widely acknowledged that public...

This article first appeared on the Project Syndicate website on 21st September, 2021 Fifty years ago, a US president closed the gold window, ended capital controls, and launched a new era of globalized finance. The “Nixon Shock” reshaped the international monetary system overnight, and then gradually changed the status of central bankers. Instead of acting as servants of the domestic economy, monetary policymakers have become masters of the globalized and financialized world economy. And...

This article first appeared on the Project Syndicate website on 21st September, 2021 Fifty years ago, a US president closed the gold window, ended capital controls, and launched a new era of globalized finance. The “Nixon Shock” reshaped the international monetary system overnight, and then gradually changed the status of central bankers. Instead of acting as servants of the domestic economy, monetary policymakers have become masters of the globalized and financialized world economy. And...

This article first appeared on the Project Syndicate website on 21st September, 2021 Fifty years ago, a US president closed the gold window, ended capital controls, and launched a new era of globalized finance. The “Nixon Shock” reshaped the international monetary system overnight, and then gradually changed the status of central bankers. Instead of acting as servants of the domestic economy, monetary policymakers have become masters of the globalized and financialized world economy. And...

Going cold turkey would finish off a dysfunctional global financial system that’s now hopelessly addicted to emergency infusions. The only solution is surgery on the system itself.This article first appeared in Prospect magazine on 16 July 2021. The world economy is a mess. The system, notionally governed by the invisible hand of the market, is no longer governed in any meaningful way: private excess puffs up bubbles that government indulgence ensures can never burst. We seem condemned to...

Going cold turkey would finish off a dysfunctional global financial system that’s now hopelessly addicted to emergency infusions. The only solution is surgery on the system itself.This article first appeared in Prospect magazine on 16 July 2021. The world economy is a mess. The system, notionally governed by the invisible hand of the market, is no longer governed in any meaningful way: private excess puffs up bubbles that government indulgence ensures can never burst. We seem condemned to...

Going cold turkey would finish off a dysfunctional global financial system that’s now hopelessly addicted to emergency infusions. The only solution is surgery on the system itself. This article first appeared in Prospect magazine on 16 July 2021. The world economy is a mess. The system, notionally governed by the invisible hand of the market, is no longer governed in any meaningful way: private excess puffs up bubbles that government indulgence ensures can never burst. We seem condemned to...

Book Review, Mr Keynes’ Revolution: A Novel, E. J. Barnes, 2020, Greyfire publishing. In Mr Keynes’ Revolution, Emma Barnes makes Keynes the subject of a novel, and does so brilliantly. I cannot recommend the book highly enough to anyone interested in Keynes and wanting to get a sense of what he – and his economics – is about. I am no literary critic, but found the story-telling dramatic, highly engaging and touching. Above all (for me) Barnes has a powerful and sophisticated sense of the...

Book Review, Mr Keynes’ Revolution: A Novel, E. J. Barnes, 2020, Greyfire publishing.In Mr Keynes’ Revolution, Emma Barnes makes Keynes the subject of a novel, and does so brilliantly. I cannot recommend the book highly enough to anyone interested in Keynes and wanting to get a sense of what he – and his economics – is about.I am no literary critic, but found the story-telling dramatic, highly engaging and touching. Above all (for me) Barnes has a powerful and sophisticated sense of the...

Book Review, Mr Keynes’ Revolution: A Novel, E. J. Barnes, 2020, Greyfire publishing.In Mr Keynes’ Revolution, Emma Barnes makes Keynes the subject of a novel, and does so brilliantly. I cannot recommend the book highly enough to anyone interested in Keynes and wanting to get a sense of what he – and his economics – is about.I am no literary critic, but found the story-telling dramatic, highly engaging and touching. Above all (for me) Barnes has a powerful and sophisticated sense of the...