1. Here are some reflections on the ECB and Fed. We try to understand the meaning of the low participation rate at the ECB’s first TLTRO. In addition, look and on how the organizational structure of the Federal...
This Great Graphic was on Reuters. It shows cumulative GDP growth for G7 countries over two five-year periods. The first covers the five-year period through the end of 2007. The second period covers the most recent...
This Great Graphic was created on Bloomberg. It shows US (yellow) and UK (white) wage growth indexed to the end of 2008. The two time series used here are not identical, but similar enough to give a sense of the...
The posts for the new EU Commission under Juncker have been announced. Over the last several years, its role and institutional capacity increased since the onset of the crisis. It has been an equal partner with the ECB...
It almost seems surreal. The major central banks seem to agree that wages need to rise. Usually, to the extent central banks address the issue, they traditionally have cautioned against large pay increases. And is so...
Forward guidance is the practice by which central banks try to shape investor expectations for the trajectory of monetary policy. Central banks have come to increasing rely on it. BOE Governor Carney appeared to have...
This Great Graphic was posted on the Huffington Post. It depicts the variation of sleep per night by country in minutes per night. The data comes from various national sources as well as the OECD. It is based on...
The US reported a June trade deficit that was smaller than expected. The $41.5 bln shortfall was the smallest since January. Imports were off 1.2%, which is a bit unusual as the rebound in the US economy is...
We live in a brave new world. Never before have the major central banks so strongly advocated higher wages. The Yellen Federal Reserve has shifted the focus from the unemployment rate to broader measures,...
The ECB reported its Q2 bank lending survey results today and there was much good news. Banks eased their lending standards for the first time since in seven years and the net land demand improved in all categories. Even...