“Muddling Through or Tunnelling Through?” UK Monetary and Fiscal Exceptionalism and the Great Inflation
Michael D. Bordo, Oliver Bush & Ryland Thomas Discussion of the causes of the Great Inflation in the UK during the 1970s has centred around the relative importance of two potential explanations, which we label “bad luck” – the occurrence of unusually large commodity price and supply-side shocks – and “bad policy” reflecting failures in both monetary and […]
The post-pandemic disinflation: Low sacrifice, high prices
Kristin Forbes, Jongrim Ha, M. Ayhan Kose By some criteria, the post-pandemic disinflation was a triumph for central banks in advanced economies: inflation fell sharply from 40-year highs while unemployment rates remained low, the combination of which generated historically low sacrifice ratios (output losses per inflation reduction). These standard metrics for success, however, ignore adjustments in […]
Ένας ωραίος πόλεμος
Ο τίτλος στο εξώφυλλο της Economist της 19ης Ιουλίου 2025 είναι Winning the war on cancer και στις σελίδες 7 και 13-15 του τεύχους τεκμηριώνεται αυτή η τόσο αισιόδοξη διαπίστωση (και πρόβλεψη). Πενήντα και πάνω χρόνια μετά την κήρυξη του πολέμου αυτού, το 1971, από τον τότε Αμερικανό πρόεδρο Ρίτσαρντ Νίξον, ο καρκίνος έχει πλέον […]
Δημόσιο χρέος στις χώρες της ευρωζώνης (% ΑΕΠ, προβλέψεις ΔΝΤ για το 2025)
