Box X: Pensions, Savings and Investment 

By Andrew Smithers  Published by the NIESR in their Autumn 2024 UK Economic Outlook on 6th November 2024. Introduction  This box picks up on two sessions of discussion involving an invited group of those working in financial services, organised by the NIESR,...

Interesting Times

We Live in Interesting Times.  The Stock Market’s Response to Changes in Commercial Banks’ Reserves.  Recent Experience.   The US stock market has moved since mid-2020 with changes in the level of commercial banks’ reserves with the Federal Reserve, as Chart...

Improving Economic Policy

World Economics • Vol. 24 • No. 2 • April–June 2023 Key Points The consensus model (CM) holds that there is only one equilibrium that needs to be maintained for economic stability. This follows, as a matter of logical necessity, from the model’s fundamental...

US – The High Risk of Another Financial Crisis.

A detailed explanation of the economics on which this paper is based is set out in The Economics of The Stock Market (“TEOTSM”) due to be published on 10th March this year by Oxford University Press. Footnotes below give the chapters and figures in TEOTSM which set...