Maybe it is just too complicated to do much more, but for the most part central banks work in the here and now. They may stray from time to time into strategic thinking, but given the mathematical limitations of traditional statistics, weaknesses we all know too well in 2016, that is of limited value. Even in normal times monetary policy [...]
The Chinese currency is once more on top of the news heap, with everyone trying to figure out what is going on. At first, “devaluation” was almost welcomed back in August when it was viewed as some kind of belated PBOC indirect “stimulus.” Very quickly, however, that view was softened as the currency direction appeared very much related to financial [...]
The market for bankers’ acceptances was one of the first tasks of the Federal Reserve. There was a flourishing financial trade in acceptances in sterling which was purely a matter of the British pound being something like the global reserve currency, at least for a vast portion of global geography. With the United States becoming an industrial and trading power, [...]
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