ECB PSPP and the BOP
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The General Theorist
“It is inconceivable that policymakers today, aided by their theoretical understanding of the mechanisms and by the statistical information at their disposal, would begin to make the serious errors committed by the governments in 1929-32.” J. Tobin
Latest posts
Restoring sustainability
The attached presentation from May 2024 derives a general sustainability relation for Argentina based on the consolidated fiscal-monetary-bop relations. Where the IMF’s traditional financial programming approach was based on an iterative process to achieve sector consistency, today naive fiscal policy and debt sustainability exercises are not integrated with the balance of payments or the overall…
A conversation with David Laidler
A look-back at a distinguished career in macroeconomics Earlier this year I became, belatedly, acquainted with the work of David Laidler, Emeritus Professor at University of Western Ontario. Having enjoyed several fascinating interactions with David earlier this year, I thought it might be useful to record one such conversation in the spirit of the age. … Continue reading "A conversation with…
(Don’t fear) the repo
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Inside the New Keynesian black box
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United Kingdom Stand-By Arrangement 1976
A little bit of history on the last occasion that the UK faced a challenge similar to today–the IMF’s Stand-By Arrangement document from 1976. It’s interesting to note the similarities between then and now. An incomplete list would include: oil shock, twin deficits, rapid money growth, labour unrest, political dysfunction, high inflation and rapid wage … Continue reading "United Kingdom Stand-By…
Ethics and corruption at the International Monetary Fund
The findings of an external report on governance failings at the Fund, by a panel led by Jens Weidmann, was quietly buried before the summer—presumably in the hope that no-one would notice. Weidmann’s report was deeply unsettling for the international monetary system. And the attempt to cover it up indicative of the depth of corruption … Continue reading " Ethics and corruption at the…
Argentina and the Fund: From Tragedy to Farce
“If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy.” An old saying, the modern incarnation of which is often attributed to Lord Keynes. Argentina’s revised program under an Extended Fund Facility (EFF) with the IMF was approved late … Continue reading "Argentina and the Fund: From Tragedy to Farce"
El Acuerdo Stand-By del FMI con Argentina en 2018: ¿Un acto ultra vires?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4008220
The IMF’s 2018 Stand-By Arrangement with Argentina: An Ultra Vires Act?
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