A turning point for monetary policy
Charles Goodhart, Manoj Pradhan Monetary policy measures have an effect on public sector debt management, not only quantitative easing/tightening but also the pattern of interest rate changes. As public sector debt ratios rise, the sensitivity of debt management issues to monetary policy decisions will increase. This column explores some of the likely consequences of this […]
The power of treating inequality as an externality
Morten Nyborg Støstad Many economic models are constructed on the basis of an equity-efficiency trade-off, assuming that equality comes at the cost of efficiency. This column argues that inequality is better understood as an economic externality. It matters not only because people care about inequality itself, but because they prefer to live in societies that […]