ricardian ambivalence

Cochrane nails fiscal consequence of SMP

Read John Cochrane’s post on the consequences of quasi-fiscal monetary policy for central bank independence. He nails the ECB’s dilemma:

The Q2 National Accounts were around expectations, printing at +0.6%q/q, and +3.7%y/y. This is just about exactly on the RBA’s

The Q2 Balance of Payments data revealed a surprising decline in foreign holdings of Australia Government Debt. The transactions data

The September RBA statement gave the market less ‘dovishness’ than it anticipated, and as a result we have seen a

According to the WSJ’s Hilsenrath, there is little appetite for cutting the Interest on Excess Reserves Rate. There’s no groundswell

Market expectations for tomorrow’s RBA meeting are very low – at close on Monday the OIS market had ~4.5bp of

The agenda and papers can be found here. You do not have to look hard to see what was going

The August Manufacturing PMI for China printed at 49.2pts, down 0.9pts from July and 0.8pts below the median estimate. The

The release of the July PCE report received very little attention last week – mostly due to the fact that

The Journal’s Hilsenrath is the arbiter of what Bernanke means – and he says that Ben’s Jackson Hole keynote speech:

The WSJ’s Hilsenrath has published his Jackson hole preview this morning. He hints at more stimulus, noting that: Mr. Bernanke

Following on from Ricardo’s post about an October election, the Fin reports this morning that: Some in the government wonder