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42 search results for: time inconsistency


BS from the BIS?

I see that the Bank for International Settlements has released their latest annual report.  I have not read it, but will place it here to peek at later. However, if this (great) post from Ryan Avent is to be believed, it sounds like I will not like this report very much.  I’d also note that […]


A different view of an inflation/price level target: No-monetization commitment

In New Zealand a strange thing is happening.  While other countries are looking at making their inflation targets more explicit following the crisis, and many more countries are debating whether to use a level or growth target (eg the NGDP target is essentially a price level target with some flexibility – while flexible inflation targeting […]


More on describing the crisis

Rates blog posted another article by me, this time talking about why the GFC persisted.  So in the first one I laid down Fed actions as the catalyst, and in the second one I’ve primarily laid the blame on institutional confusion in Europe.  I’m not sure anyone will find this article, by itself, particularly enlightening. […]


No QE “free lunch” for NZ

As a general rule of thumb, whenever someone offers you something for nothing they aren’t telling you the full story – and that is exactly what we have with the Greens stating the Reserve Bank should start rebuilding Christchurch themselves by printing money. Now, in order to come to this conclusion a bunch of points […]


We’re five

As of today, the blog is officially five years old – judging by the first post that was put up.  This was a post by James on banning smoking in public places.  His justification for it boiled down to: The fact that we’re currently co-ordinated on an equilibrium where people go to smoking pubs rather […]


Drink heavily tonight

Because it makes you smarter: (Source Marginal Revolution) Note: I am joking, this is not causality.  For one we don’t have a quantity measure of drinking, and the impact of drinking on intelligence is no doubt non-linear.  In fact, you could make the argument that “smarter” people know how control their own alcohol consumption, and […]