Warwick Lightfoot's Substack

Warwick Lightfoot's Substack

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Monetary Policy and Central Banks

US Capital Account and International Finance
US economy has it all: modern productive services, science, and technology, capacity to mobilise the savings of the world to finance its investment, and…
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Warwick Lightfoot
Inside Thatcher’s Monetarism Experiment: The Promise, the Failure the Legacy
By Tim Lankester - a book that inadvertently shows how British civil service economic thinking needed to change: at its best in 1979 the Treasury was…
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Warwick Lightfoot
Understanding Consequences of Increased Importance of Intangibles in Modern Economies, for Monetary Policy and Financing Public Debt
Intangible investment has implications for both monetary policy and the costs of public debt management in advanced economies
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Warwick Lightfoot
Why Fiscal Rules are Redundant and How Public Debt acts as a shock absorber and an enabler for public policy
The big issue government's need to confront is how much and on what they are spending, how this is financed by debt and taxation is a secondary issue in…
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Warwick Lightfoot
Milton Friedman’s economic legacy
Given the mistakes of central bankers, economists should look again at Friedman’s ideas, not least his warning that mathematical models were little more…
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Warwick Lightfoot
Advanced market economies weather shocks in the 21st Century, helped by effective policy
Advanced market economies exhibit capacity to adapt to shocks, helped by effective policy that would be improved by greater emphasis on information from…
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Warwick Lightfoot
British House of Lords challenges Central Banks' groupthink, record and defective modelling
25 years of independence raise awkward questions about the Bank of England and HM Treasury’s record
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Warwick Lightfoot
German Hyperinflation Inflation 1923
Wartime debt and fiscal disorder, a passive monetarily accommodating Central Bank and the social and democratic constraints on policy makers.
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Warwick Lightfoot
1
Jackson Hole Economic Policy Symposium: Structural Shifts in the Global Economy August 2023
Jackson Hole Central Bank Meeting, what it is about, 2 per cent inflation reaffirmed, US Treasury Market illiquidity, learning to live with government…
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Warwick Lightfoot
The de facto end of the European Exchange Rate Mechanism
The European Monetary System collapsed thirty years ago in August 1993. This note looks at how it worked, appeared to lower inflation at a price…
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Warwick Lightfoot
Indexed linked debt, inflation, government borrowing, financial market repression and public expenditure on debt service costs
Government bond markets indexed for inflation remove temptation to inflate, when inflation is effectively controlled it saves money, but when…
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Warwick Lightfoot
Central banks, amnesia, judgement and the present inflation
Flawed intellectual frameworks, defective forecasting models, recondite distractions and amnesia about effective counter-inflation policy mean that…
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Warwick Lightfoot
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