Central Banking – Beyond Inflation Targeting.

Beyond Inflation Targeting – Policy Exchange, 25th September 2009 Our current troubles are the result of inept central banking arising from two errors, for which the Federal Reserve was the most prominent but by no means the only proponent.(2) The first was to...

The Return of Deflation.

Nikkei Veritas – Market Eye column, 17th July 2009 In June consumer prices in Tokyo were 1.5% below the level of a year before. This news was generally greeted with concern by the world’s financial press. Although such worries are usually reasonable, in today’s...

Japan in 1990 and the US today

Nikkei Veritas – Market Eye column, 15th May 2009 Most recessions are due to central banks raising interest rates. Although these recessions, which are usually mild, are unwelcome, they have positive results. Not only can they prevent inflation becoming a...

Dividend ratio’s shift over time

Financial Times – Letters , 14th March 2009 Sir, Your editorial “The double edge of dividend cuts” (March 7) claims that “dividend cuts hit long-term returns”. The standard view (Miller-Modigliani theorem) is that returns are unaffected by payout ratios. The...