The Bank of Japan’s high-wire act.

CENTRAL BANKING VOL. XVI. 3 (February 2006)., 1st February 2006 A end to deflation is in sight., but Japan’s monetary-policy makers still fear the dangers of a collapse of the yen and of the bond markets, says Andrew Smithers. A fierce dispute is raging over...

There is little value in broker economics.

Financial Times., 4th January 2006 The FT reports regularly on the views of economists and stockbrokers. Readers might be intrigued by the conflicts between them but they should not be surprised. The purposes of the two groups are completely different. Economists are...

The need for economic Alka-Seltzer.

Nikkei Business., 14th December 2005 US consumption has been the driving force for the world economy since the recession of 2001. As the US household savings’ rate has fallen to zero, this is bound to change. Consumption is still robust, but will falter once savings...

Nice theory, what about practice?

Investment Adviser., 7th November 2005 In the movie Robin and the Seven Hoods, the Rat Pack sing: “You either have or you haven’t; got style, and if you have it, it stands out a mile.” As this seems to have become the theme tune of the fund management industry, it is...

Relegating Importance.

The Nikkei Financial Daily, 30th September 2005 There is a strong temptation for journalists to give priority to the interesting over the important. This has been a marked feature of recent reports on the economy. After fifteen years of economic disappointment,...