Tag Archives for QE
The Coming Crisis: the monetary policy credibility trap
In the latest blog in SPERI’s series on ‘The Coming Crisis’ Jacqueline Best asks: what do central banks and governments do when exceptions to the monetary policy rules keep piling up? Quite a few commentators have noted that central bankers have become rather less boring of late. Since the 2008 financial crisis, central banks have taken on new roles and … Continue reading
The Coming Crisis: stagflation and the shackles of market discipline
In the second blog in SPERI’s new series on ‘the coming crisis’ Jeremy Green assesses the prospects of unorthodox central bank policies for escaping the stagflation gripping Western capitalism The darkest hours of the Global Financial Crisis conjured haunting visions of the worst-case scenario: that we would enter a period of sustained financial paralysis, massive unemployment and the breakdown of … Continue reading
What is money for?
To meet collective societal challenges, and to respond to future recessions, a different way of thinking about money is required One particular exchange from the inaugural SPERI conference in 2012 has always stuck in my mind. After Colin Hay’s opening address, Bob Jessop asked him, ‘what is your theory of money?’ At the time I thought this was distractingly abstract, … Continue reading
Corbynomics: Part 2
The right questions are now being asked, but much fleshing out of the proposed partnership between an enabling state and a dynamic private sector is still needed The election of Jeremy Corbyn as Labour Party leader has changed the terms of debate over UK economic policy. Corbyn and his shadow chancellor John McDonnell have already outlined a new approach to … Continue reading
QE, labour market restructuring and the ‘regressive recovery’
Cameron’s continuing ‘two nations’ governing strategy prepares the way for a further economic crisis When David Cameron emerged from 10 Downing Street on the morning of the 8 May, he proclaimed that he would lead a ‘one nation’ government – one whose guiding aim would be to ensure that ‘the recovery reaches all parts of our country’. There was nothing … Continue reading
Saving ‘Social Europe’
Reinterpreting the rules ‘by stealth’ is all that is presently possible in governing the Eurozone economy During the euro’s sovereign debt crisis, European leaders have been obsessed with rules, numbers and pacts. These include the ‘Six-Pack’, the ‘Two-Pack’ and the ‘Fiscal Compact’, each more stringent on the nature of the rules, more restrictive with regard to the numbers and more … Continue reading
Deflation trap
Neoliberalism will struggle to survive if western economies cannot find ways to increase demand The European Central Bank has consistently denied that there is any chance of the eurozone falling into deflation. The ‘deceleration of prices’ in recent months has been dismissed as a temporary phenomenon soon to be reversed. But the reality is that deflation is not going away. … Continue reading
The Coming Crisis: systemic stabilization and the investment state
A new ‘investment state’ is needed to provide stability in the new uncertain political economy of shadow money, financial instability and demand deficiency We live in an era characterised by a confusing evolutionary dynamic relationship between financial innovation, the state and patterns of investment that we barely understand. At the core of this conundrum is the little understood issue of … Continue reading →
18 May 2016 by Andrew Baker & Richard Murphy
Categories: British growth crisis, Finance, Politics and policy, SPERI Comment, Sustainability, The coming crisis | Tags: BIS, ECB, investment, Keynes, Monetary Policy, money, productivity, QE, recession, shadow money, State | Leave a comment