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Bonuses for MF Global? Even worse than you think

Guest Author — Mon, 12 Mar 2012 20:00:00 +0000

MF Global may prove to be yet another example of how meaningless the word “bonus” has become. One of the trustees overseeing the broken firm wants to pay out hundreds of thousands of dollars to three executives who used to report to Jon Corzine, the former CEO. This sounds bad, but some important details make it even worse

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Chart of the Day: Eurozone wage growth, pre-crisis

Edward Harrison — Tue, 20 Sep 2011 15:00:23 +0000

10% ‘internal devaluation’ in Germany took eight years. We are talking now about 20-30% wage and price cuts in Greece and Ireland. How realistic is that

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Chart of the Day: Eurozone wage growth, pre-crisis originally appeared on Credit Writedowns

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The FHFA Complaints and Control Fraud

William Black — Wed, 07 Sep 2011 19:30:41 +0000

The FHFA complaints lose explanatory power and persuasiveness because they ignore compensation and accounting. It pays to understand accounting control fraud

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Stagnant growth in UK take home pay

Edward Harrison — Sat, 06 Aug 2011 13:00:26 +0000

Annual growth on the VocaLink Public Sector Take Home Pay Index stands at 1.3% and in the private sector, growth has fallen to 2.9%

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Britain: public sector income growth lags private sector after pay freezes

Edward Harrison — Thu, 07 Jul 2011 21:00:31 +0000

Below are the findings of the recently released VocaLink Public Sector Take Home Pay Index. The VocaLink Take Home Pay Indices measure after-tax income as opposed to pre-tax gross income. So they are designed to reflect what Americans call disposable personal income

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Chart of the Day: UK Take Home Pay

Edward Harrison — Wed, 08 Jun 2011 23:01:55 +0000

Inflation is sapping spending power. Legitimately, one cannot expect pay to rise by 4 and 5% per annum in a still weak economic environment. Therefore, the only way to see more purchasing power for consumers over the medium-term is via reduced future inflation

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Why is Germany doing so well?

Edward Harrison — Wed, 08 Jun 2011 15:24:37 +0000

There’s been a lot of talk since America’s dismal employment situation summary was released on Friday about why Germany has done so well during the global economic recovery. Here’s David Leonhardt of the NY Times: The brief story is that, despite its reputation for austerity, Germany has been far more willing than the United States

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China: rebalancing through wage increases

Michael Pettis — Sun, 15 May 2011 15:00:24 +0000

Is China currently rebalancing? The currency has been appreciating, the PBoC has hiked interest rates four times, and wages have been surging. Because of all of this I am often asked if China has finally begun the long-waited rebalancing process and whether we have yet seen an improvement in the underlying economy caused by a rising consumption share. Those who were hoping the answer was yes will have been disappointed by the release Thursday of the World Bank’s China Quarterly Update – April

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China losing competitiveness

Edward Harrison — Fri, 13 May 2011 12:00:22 +0000

As labour costs in China rise, economists are beginning to think about replacing labour with capital, something we have already seen as a major factor in suppressing wage gains in developed economies. This is also in line with what economists say developing nations need to do to counteract the problem. More importantly, developing economies that reach this juncture must move up the industrial ladder to production of higher value-added goods or they will see their export competitiveness severely eroded

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Should Central Banks Focus On Core Inflation? Part 2

Guest Author — Thu, 05 May 2011 16:00:00 +0000

The latest figures from the US show that the consumer price index rose 0.5% in March, whilst the core personal consumption expenditure price index rose only 0.1%. This column explains the roles of these competing measures and argues that US monetary policymakers should pay close attention to headline inflation. It warns that neglecting headline inflation risks feverish boom-and-bust cycles with prolonged periods of high unemployment

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