Forward guidance is just another delusion foisted on us by mainstream macro

The governor of the Bank of England, Mark Carney, was on good form last week when he appeared at the Treasury Committee of the House of Commons. Asked what “forward guidance” meant, he answered smoothly: “The thing about forward guidance is that it is guidance that is forward. Which is not to say it is meant to […]

There’s a smart case for diversity – but it’s not the one you think.

Andy Haldane, chief economist at the Bank of England, hit the headlines last week with his confession that even he could not understand much of the material which pension providers give to customers. Less noticed, however, was a speech he gave the previous week at a dinner organised in aid of Children in Need on […]

Could Ernie replace Andy? The Bank’s take on automation

The Chief Economist of the Bank of England, Andy Haldane, has been in the news with his predictions that up to 15 million jobs in the UK are at risk of being lost to automation. This is a huge number, around half the total number of people in work today. Haldane injected a note of […]

Groucho Marx and Property Bubbles

The commercial property market in London has been booming for several years.  The Bank of England is concerned about yet another property bubble building up.  The executive director for financial stability, strategy and risk at the Bank, Alex Brazier, warned in a speech last month that positive sentiment in the industry must be “tempered by […]