The Wall Street Journal reported last week that the Fed was considering a new programme of bond buying, albeit with the twist that it could use large-scale reverse repo operations to offset the...

Much attention has focused on the surge in European banking stocks since the ECB first announced its LTRO bank lending scheme. But over the same period, US banking stocks have also risen by 20%. And...

The recent resurgence in the price of crude oil has led to speculation that, in a repeat of what happened at this time last year, a spike in energy prices could undermine real economic growth just...

It is easy to fall into the trap of debating how large or small the output gap is. The simple truth, however, is that no one knows. But while the output gap is not directly observable, the...