The impact of the stock and maturity of government debt on longer-term bond yields matters for monetary policy. This article by the School's Professor Jagjit Chadha and published in VOX, assesses the magnitude and relative importance of overall bond supply and maturity effects on longer-term US Treasury interest rates using data from 1976 to 2008. Both factors have a significant impact on both forwards and term premia, but maturity of public debt appears to matter more. The results have implications for exit from unconventional policies, and also for the links between monetary and fiscal policy and debt management.
Read the full article here.
Professor Kevin Nell from the University of Porto will be visiting the School of Economics as a Thirlwall Visiting Research Fellow from 14-17 October. Professors Kevin Nell and Tony Thirlwall will be giving a special research seminar on Wednesday 15 October on 'Explaining Differences in the Productivity of Capital Across Countries in the Context of ‘New’ Growth Theory', at 1pm in KLT2, to which all staff are welcome.
View a complete list of the School of Economics seminars here.
In August 2014, Dr Wei Jiang was selected among other promising young economists worldwide to attend the 5th Lindau Meeting of Laureates of the Sveriges Riksbank Prize in Economic Sciences, in memory of Alfred Nobel. She was nominated by the European Economic Association.
The Nobel Laureate Meeting is a scientific conference held in Lindau, Germany, inviting Nobel prizewinners to present to and interact with young researchers from all over the world. Conferences in economics are held every fourth year.
Piece published recently in VOX by Richard Barwell and Jagjit Chadha:
“In the wake of the crisis, forward guidance has become a prominent tool of monetary policy. This column argues that central banks should go a step further, communicating to the public the internal policy debate that goes into monetary policy formation especially regarding uncertainty. Since policy is determined contingent on a range of possible outcomes, forward guidance would become more effective by explicitly communicating how policy would respond along this uncertain path.”
Read the article here.