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Our Weekly Selections

Weekly Selection
18 October 2019

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Weekly Selection
11 October 2019

Lucrezia Reichlin, Adair Turner, Michael Woodford, Helicopter money as a policy option This article sums up a policy debate on helicopter money that took place six years ago among three of the world’s leading monetary economists. It is a bit technical but a must-read as central banks will soon run out of conventional policy options. It elaborates on one tool that has yet to be taken out of storage: ‘helicopter money’, i.e. the overt monetary financing of government deficits (reads in about 8-10 min).
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Weekly Selection
04 October 2019

Lucrezia Reichlin, Adair Turner, Michael Woodford, Helicopter money as a policy option This article sums up a policy debate on helicopter money that took place six years ago among three of the world’s leading monetary economists. It is a bit technical but a must-read as central banks will soon run out of conventional policy options. It elaborates on one tool that has yet to be taken out of storage: ‘helicopter money’, i.e. the overt monetary financing of government deficits (reads in about 8-10 min).
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Weekly Selection
27 September 2019

Arvind Subramanian and Dani Rodrik, The Puzzling Lure of Financial Globalization The two renowned economists observe that, although most of the intellectual consensus behind neoliberalism has collapsed, the idea that emerging markets should throw their borders open to foreign financial flows is still taken for granted in policymaking circles. They argue that until that changes, the developing world will suffer from unnecessary volatility, periodic crises, and lost dynamism (reads in 5-6 min).
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Weekly Selection
20 September 2019

Satyajit Das, Can Banks Survive Negative Rates? The former banker turned author explains why the spread of unconventional monetary policies threatens to set off dangerous and unpredictable feedback loops in credit markets and the real economy, where the second and third-order effects are difficult to anticipate or control. The argument is a bit technical, but offered in palatable terms. In short: Instead of stimulating the economy, negative rates increase uncertainty about the future; therefore households, worried about saving for retirement and other goals, spend less (reads in about 5 min).
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Weekly Selection
13 September 2019

Ann Saphir, Trade uncertainty to trim $850 billion global output: Fed paper Some robust academic research (it comes from the Fed) has attempted for the first time to quantify the economic impact of the uncertainty generated by the trade war. The result: USD850 billion in lost global output through early next year – roughly 1% of global GDP (reads in 3-4 min).
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