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How far can interest rates rise? How far should interest rates rise?

I’ve just been listening to a radio interview with Mark Carney, governor of the Bank of England, in which he prevaricated endlessly about whether UK Bank Rate was going to rise. Not specifically in May, but at all. Since taking on the role in 2013, Bank Rate is precisely where he found it: at 0.5 per cent. He maintains that the decision to raise UK interest rates remains finely balanced, with the outcome of Brexit negotiations a key input to the deliberations of the Monetary Policy Committee. I beg... Read More >

Recent Articles:

The problem with central bankers’ inflation preoccupation A preoccupation with inflation deepened the last recession
In recent years, a growing number of prominent economists, including Michael Woodford, Christina Romer and Larry Summers, have switched their allegiance from inflation targeting to targeting nominal GDP, the non-inflation-adjusted sum of all Read More >
Urban Big Data and Real Estate Markets Analysing real estate through big data
Most real estate value is created at the urban level, but some of the most expensive cities in the world are the least well-functioning.  So, it does not follow that improvements in the ways cities are run will flow directly into increased real Read More >
A house roof with two dormer windows and the sun shining between them What Tokyo can – and can’t – teach us about the housing crisis With 100,000 new dwellings a year, Tokyo’s housing stock has kept pace with its population
Be more like Japan. That is the takeaway from a Bloomberg column by the always-interesting Noah Smith. His is the latest article to look at Tokyo’s approach to housing for answers to the spiralling cost of homes in comparable Western Read More >
New taxes are no way to reduce generational inequality There is a cost of living crisis; cutting taxes for those working is the best solution
Lord Willetts today gave a speech at the Resolution Foundation calling for wealth taxes to be imposed on the baby boomer generation in order to fund their health and social care in old age and to prevent the burden being placed on younger Read More >
London skyline from the River Thames Why the Bank of England should scrap its inflation target Targeting Nominal GDP would provide a reliable monetary policy in good times and bad
Fifty years have passed since Milton Friedman delivered his groundbreaking American Economic Association Presidential address on the role of monetary policy. Unfortunately, many of Friedman’s insights are neglected today. Friedman demolished Read More >
Pile of bitcoins Which is a better bet: Bitcoin or the dollar? Buying Bitcoin is nothing more than a bet on its future value
Keeping your funds in cash is generally viewed as much safer than holding them in stocks. This is because, on any given day, the value of the US and UK capital stock – as measured by the NYSE and FTSE indices – can easily fluctuate by one or Read More >
US dollars on a wooden table The most important chart in the world? This chart suggests that investors should reallocate to residential property
In 2005, futurist Ray Kurzweil shocked the world with his book, The Singularity is Near. He speculated that around the year 2045, the Singularity, which is to say a humanity which has merged with technology, will turn artificial intelligence (AI) Read More >
Close up detail of banknote Beware the unannounced interest rate increase Economist Peter Warburton explains the relationship between central banks and interest rates
Central banks do not set interest rates. To be specific, central banks in large western democracies with open capital markets and flexible exchange rates do not set interest rates, other than for overnight money. That’s right! If Read More >

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