Author: Guest Author

This page is a post from outside of Credit Writedowns' regular contributors.

Here are my most recent posts

Yanis Varoufakis: Greece, Germany and the Eurozone – Keynote at the Hans-Böckler-Stiftung, Berlin, 8 June 2015

This post is re-posted from Yanis Varoufakis’ blog with his permission. CLICK HERE FOR THE VIDEO Thank you for inviting me. Thank you for being here. Thank you for the warm welcome. Above all thank you for the opportunity to build bridges, to pave common ground, to bring harmony in the face of blatant attempts to sow the seeds of […]

Is the ECB doing QE?

Is the ECB doing QE?

Last week, the ECB announced that it would begin purchasing securities backed by bank lending to households and firms. Whereas markets and the media have generally greeted this announcement with enthusiasm, this column identifies reasons for caution. Other central banks’ quantitative easing programmes have involved purchasing fixed amounts of securities according to a published schedule. In contrast, the ECB’s new policy is demand-driven, and will only be effective if it breaks the vicious circle of recession and negative credit growth.

A Limited Central Bank

A Limited Central Bank

We posted this in November, but are re–posting now because it is relevant. Hat tip goes to Barry Ritholtz who published it over at the Big Picture recently. Also see two previous posts on this site from November related to this one, based on earlier commentary by Philadelphia Fed President Charles Plosser: The Limits of Monetary Policy, Part 1 and […]

How money matters: The Old Lady fails to get an “A”

How money matters: The Old Lady fails to get an “A”

Andrea Terzi Dr. Terzi is a Professor of Economics at Franklin University Switzerland and a Research Associate with the Levy Economics Institute of Bard College. One thing’s for sure: The financial crisis has dealt a deadly blow to what was until recently considered the state-of-the-art of monetary policy. Just compare the 1992 edition of Modern Money Mechanics, published by the […]

Political connections in turbulent times

Political connections in turbulent times

By Daron Acemoglu, Simon Johnson, Amir Kermani, James Kwak, Todd Mitton This post was originally published at Vox. Political connections affect economic outcomes in emerging markets. This column discusses new evidence showing that something similar goes on in the US. Over the ten trading days following the announcement of Timothy Geithner as Treasury Secretary, financial firms with a connection to […]

Retail sales and jobless claims

Retail sales and jobless claims

Again, the income to support sales just doesn’t seem to be there, as the sub 3% federal deficit doesn’t seem to have been providing the spending needed to offset the demand leakages (unspent income). And squinting at the jobless claims chart, if anything, it seems to have bottomed and be nudging irregularly higher.

The roots of shadow banking

The roots of shadow banking

The ‘shadow banking’ sector is a loose title given to the financial sector that exists outside the regulatory perimeter but mimics some structures and functions of banks. This column introduces a new CEPR Policy Insight that looks into what we have learned about shadow banking since the Global Crisis.

Why fiscal sustainability matters

Why fiscal sustainability matters

By Willem Buiter This post first appeared on Vox Fiscal sustainability has become a hot topic as a result of the European sovereign debt crisis, but it matters in normal times, too. This column argues that financial sector reforms are essential to ensure fiscal sustainability in the future. Although emerging market reforms undertaken in the aftermath of the financial crises […]