Rob Macquarie
New Bank of England research adds to the case against loanable funds
10 December, 2018Understanding banks hasn’t always caused such difficulty for economists. In the first half of the twentieth century, theorists like Joseph Schumpeter outlined the role of banks in creating and allocating money. Unfortunately, the profession took a wrong turn in the … Continue reading
UK government found wanting on financial disclosure
2 November, 2018The Green Finance inquiry carried out by the Environmental Audit Committee at the beginning of this year made crucial headway in raising awareness of the role finance must play in the UK’s low-carbon transition. Ensuring sustainability is at the core … Continue reading
Modern Monetary Theory and Positive Money, Part 2: Money and Debt (2)
19 October, 2018This is the third in a series of blogs looking at the relationship between Modern Monetary Theory and the proposals made by Positive Money. It follows directly on from the second in the series. Why does Positive Money refer to … Continue reading
The Bank of England must lead on disclosure of climate risk
15 October, 2018Three years on from Governor Mark Carney’s eye-catching announcement that climate change is an enormous challenge for finance, the Bank of England is starting to take action. The Prudential Regulation Authority has published a draft of its expectations from the … Continue reading
A week of modern monetary events: #mmtconf18 and the Gower Initiative
9 October, 2018Autumn always brings a busy events calendar, and this year has been no exception. Last week, Positive Money attended two conventions dedicated to Modern Monetary Theory (MMT), a perspective on macroeconomics and the monetary system that is rapidly gaining popularity. … Continue reading
Modern Monetary Theory and Positive Money, Part II: Money and Debt (1)
27 September, 2018This is the second in a series of blogs looking at the relationship between Modern Monetary Theory and the proposals made by Positive Money. Another post explains Positive Money’s stance on the issues explored here. In 1943, Abba Lerner published … Continue reading
Modern Monetary Theory and Positive Money, Part I: Intellectual roots and focus
3 September, 2018This is the first in a series of blogs looking at the intellectual and practical relationship between ‘Modern Monetary Theory’ and the proposals made by Positive Money. To anyone interested in macroeconomics and the role of government, the name ‘Modern … Continue reading
The History and Future of QE: 3 ways the Bank of England’s analysis falls short
24 July, 2018As Positive Money likes to point out, quantitative easing (QE) is a policy almost without historical precedent. With only scant and rather messy evidence to go on, the policy community is still uncovering many of its effects. Ben Broadbent, Deputy … Continue reading
New powers for the Bank of England to support banks – but who will benefit?
27 June, 2018The winds of change are blowing for the Bank of England. Hot on the heels of a report for the Labour Party arguing for reform of the Bank’s mandate came a move by the Government to alter the ‘capital and … Continue reading