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There has been some discussion of deposit insurance, the open bank resolution plan, and the types of risks being faced by New Zealand savers. This is actually a hugely important issue, and as a broad matter of principle I actually find myself agreeing more with Labour and the Greens than National and the Reserve Bank. […]
The big news out of George Osborne’s Autumn Statement last week was the abandonment of his fiscal rules. But the real story for economists was in the OBR’s forecasts. There were two rules: The cyclically adjusted budget deficit must be eliminated within five years (a rolling window); and, Debt must be falling as a percentage […]
In a recent post, Mark Calabria from the Cato Institute took aim at the idea that the Lehman Brothers crisis was the “trigger” for a big crisis. Now I do not disagree that there was, and would have been, a recession without Lehman Brothers – and even without the uncertainty caused by the lack of […]
Stephen Gordon applies the Lucas critique to behavioural economics and nudges: A key insight of behavioural economics is that people don’t always and everywhere re-optimise whenever their environments change. Instead, they will often – or even usually – make use of various rules of thumb and/or passively accept the default option. …This the idea behind […]
I’ve heard people suggesting that the RBNZ has failed its mandate on the downside, eg this tweet by Vernon Small. If inflation is 0.6 excluding excise on fags and the RBNZ looks thru Govt charges then hasn’t it just breached 1-3% band on the downside? Now, I don’t mean to come out to defend the […]
So I’ve been told by CPW that the Green party has a new policy regarding electricity generation. I will discuss it here, and then explain why I’ve titled the post as such – overall, I do think we need an actual Green party who aren’t just redistributionists in green drag …