Cryptocurrencies have been a staple of news headlines in 2017. As the price of one bitcoin has risen 12-fold in sterling terms during the course of 2017, the number of Google searches for bitcoin has increased 14-fold. There are now more than 2,000 cryptocurrency ATMs across the globe, with the United States (1,107), Canada (293), the UK (97) and […]
In its 2016 Employment Outlook, the OECD documents that real hourly wage growth has behaved quite differently across countries over the past ten years.
This is true even among the large European economies. Comparing the level of real hourly wages in the fourth quarter of 2015 with a counterfactual value based on the assumption that wages had grown according to […]
Over the past 30 years, most central banks across the advanced economies have been given the ability to conduct monetary policy independently from interference by fiscal and political authorities. Today, almost all central banks in OECD countries are operationally instrument-independent, counting on their own tools to set or target several interest rates, even if none of them is goal-independent, […]
Protest at ECB headquarters, by JIP, own work, under a CC BY-SA 3.0 licence or GFDL, via Wikimedia Commons
The November 2016 expert survey of the Centre for Macroeconomics (CFM) and the Centre for Economic Policy Research (CEPR) invited views on a recent report by the German Council of Economic Experts (Sachverständigenrat), which argues that the current monetary policy of the European […]
Quantitative easing is called ‘unconventional monetary policy’, but monetary policy could get much more ‘unconventional’. Things like ‘helicopter money’, abolishing currency and negative nominal interest rates have entered the public policy debate. This column reports the views of leading experts on the future role of unconventional monetary policy, and what might be called ‘unconventional unconventional monetary policies’. Opinions are […]
In late February, UK Prime Minister David Cameron announced that the referendum on the country’s continued membership of the European Union (EU) would be held on 23 June. Over the following weekend, a number of leading Conservative MPs announced their support for the campaign to leave the EU – ‘Brexit’. The pound sterling declined as trading opened on the […]
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