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In this post, I am going to talk about the efficacy of monetary policy in the face of uncertainty.
In an earlier post, I have talked about uncertainty reducing interest rate sensitivity – but does that mean that the efficacy of monetary policy has declined? No, as ultimately, we need to think about how any investment response translates into a change in output!
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From time to time an unlikely person captures the moment and changes history. Joan of Arc. Harriet Beecher Stowe. Bob Geldof. Jesus of Nazareth. Greta Thunberg. Magic occurs and suddenly something that had been there for an age is seen in a different light. A movement is catalysed.
What is strange about these episodes is that nothing fundamentally changes other than awareness of an existing issue. This, of course, is a fundamental change. Where thousands were blind they now see. Slavery, starvation, or global warming suddenly become the issue of the day and the world changes.
But is awareness, and the noise surrounding it, the right change to save the planet?
Read moreIn this post I am going to discuss how a change in labour force growth can explain firms’ entry/ exit rates. Recent findings by Hopenhayn et al (2018) for the US motivated me to think about this relationship in a NZ context.
Furthermore, the authors linked these entry and exit rates to “dynamism” and therefore productivity growth – a link I wanted to think about a bit more carefully.
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This article was originally posted at Interest.co.nz in 2013. The ideas are timeless 😉
Imagine being able to print your own currency.
Click a button, add a few zeros and voila you’ve increased the money supply.
The Reserve Bank can do it, and, believe it or not in a similar vein so too can Air New Zealand.
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