There are many reasons to think that inflation targeting has had its day. The framework has already evolved to some extent, with central banks adopting “flexible” inflation-targeting and...

Consumer confidence has surged to its highest level since 2000 in advanced economies but consumption growth has not picked up. We think this is largely due to weak real wage growth. As tight labour...

Unlike the bubbles in the tech sector in the late-1990s and in US residential property a few years later, a bursting of the bitcoin bubble should not have systemic, macroeconomic implications. The...

Provided that they follow the blue-print set out by the US Fed, the world’s major central banks should be able to scale back their balance sheets over the coming years without huge adverse economic...