Russia’s central bank waited until the early morning hours to raise its interest rate from 10.5% to a whopping 17.5% to encourage citizens to hold rubles and foreigners to buy rubles. Rather than building confidence, markets interpreted the move as panic.
Imagine the United States is an island with seven people on it, including you and me. Along comes a sailboat with an immigrant who joins the economy and, according to a popular myth, steals a job from one of us.
When John Cochrane writes on finance I prefer him to be "the grumpy economist." When he writes on macro, I prefer the less grumpy version. His new (non-grumpy) post on macro is outstanding, full of so many important insights that I'll need to do several more posts.
The Bank of England will cut the number of interest rate meetings it holds every year and publish transcripts of policymakers' discussions in an overhaul designed to improve transparency at the 320 year-old institution.
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.
Milton and Rose Friedman: An Uncommon Couple
Policy Seminar on the economic situation in Europe