Negative central bank interest rates

For many years it was assumed that official interest rates, as set by central banks, could not go below zero. In recent years this rule – the “Zero Lower Bound” constraint, as it was known – has been decisively broken. How does monetary policy work in the brave new world of negative official interest rates, and what are the longer term implications?

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Read Butler on Smith

Adam Smith’s An Inquiry into the Nature and Cause of the Wealth of Nations (The Wealth of Nations, TWoN) is one of those books that many people refer to, but few have actually read. Possibly not surprising, since the Penguin version consists of 522 packed pages. But, crucially, in contrast…

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