Inflation-targeting (IT) central banks fared no better in controlling the 2021-2023 inflation than non-IT central banks, according new paper from IMF.
www.imf.org/en/publicati...
We need a new macropolicy framework. WIll be working on this over the next two years with my team @iipp-ucl.bsky.social

Neoliberalism --> populism

[from Funke et al (2023) Populist Leaders and the Economy www.aeaweb.org/articles?id=... p361]

Very pleased to see Bailey pushing back on Reeves' flawed plans to liberalise UK banks.
UK banks primarily lend against existing assets, rather than serving the real economy. Only around 15% of all lending goes to non-financial firms, 75% to mortgages and other parts of the financial sector.

Looking forward to speaking on this panel next wednesday in Brussels on the housing affordability crisis. Hosted by the S&D Group and & MEP Andreas Schieder.
Sign up to join in person or online below.
Join us in Brussels or online: socsde.ms/ZS7

Excellent piece from @resi-analyst.bsky.social. Housing transactions are collapsing and we desperately need property tax reform. Shifting from stamp duty & council tax to an annual property tax could increase transactions & the tax take, increase labour productivity and growth.
on.ft.com/4jiWbSn

I'll discuss how we can deal with the UK's housing affordability crisis without building 1.5m new homes @pef-online.bsky.social annual conference on thursday.

Great line up including @annpettifor.bsky.social @zackpolanski.bsky.social @jdportes.bsky.social

Tix: www.eventbrite.com/e/progressiv...

Launching our Homes that don't cost the Earth project online today with Rosie Cade and @bethstratford.bsky.social presenting - get involved here: www.notion.so/darkmatterla...

In 2020, Brazil launched Pix, a public digital payment system during Covid. It is now dominant, undercutting credit & debit card providers, reducing transaction costs, enhancing productivity & increasing financial competition.
Don't tell me the state can't innovate.
www.economist.com/the-americas...

If Trump wants to get manufacturing going again, he should consider directed credit policies. Paper from @kmueiier.bsky.social & co shows that liberalisation of such policies leads banks to shift in to real estate, with negative impacts on growth (37 country panel).
papers.ssrn.com/sol3/papers....

Hilarious