The machinery of monetary policy: central bank mandates, rate cycles, balance sheet architecture, and the institutions that administer money in an era of algorithmic constraint and political pressure.
When eurozone inflation ranged from 7.1 per cent in France to 22.5 per cent in Estonia, the ECB set one rate for all. Robert Mundell anticipated this problem in 1961. The institution has still not solved it.
Read articleThe Federal Reserve's characterisation of post-pandemic inflation as "transitory" was not merely a communications failure. It was a diagnostic error of the first order, whose historical precedents are more instructive than the institution's defenders have acknowledged.
Read articleWhile the world's attention fixed on Japan's historic departure from negative interest rates, the central bank was quietly building an AI research programme that may prove equally consequential.
Read articleThere is a phrase that has become the all-purpose reassurance in every board presentation about AI deployment in financial institutions. It deserves a great deal more scrutiny than it receives.
Read article