Author: Gabriel Stein
Don’t underestimate central banks’ determination to normalise policy
• The Fed remains set to raise interest rates in 2018 and 2019 • Weaker outlook elsewhere has caused speculation that other central banks won’t shift policy • But this ignores central banks’ desire to exit unconventional measures Headline US inflation (the personal consumption expenditure deflator, PCE), reached 2% in the…
On 24th April 2018, Gabriel Stein gave a lecture at the University of Buckingham
The lecture was for the International Institute of Monetary Research Masters program and the topic was ‘How to forecast the world economy’
Publica Isrotel, Herzliya, Israel, 13 February 2018
As I noted in the introduction, the Israeli hotel breakfast is one of my favourites. Last December I was a bit disappointed by the two I reviewed then. This one, by contrast, is excellent. A large spread of bread, cheeses, herring, various yogurts, fruit and fruit concoctions, and loads of…
First Hotel Kungsbron, Stockholm, 5 April 2018
I am biased in favour of Swedish hotel breakfasts, but — I would say — justifiably so. Here we have a fairly cheap, no-frills hotel (e.g., no window in the room), admittedly well located. In other countries,this would mean a sparse breakfast as well. Not so here. A decent spread…
Robbing Peter to pay Paul, EU style
The European Commission apparently wants to lay its hands on the ECB’s profits. This is a bad and probably unworkable idea and is unlikely to happen. It does highlight the EU’s post-Brexit money problem. According to the Financial Times, the European Commission is considering appropriating the ECB’s profits in order…
Chambers Hotel, New York City, 24 March 2018
I noted in my previous blog that New York hotels nowadays are less likely to offer breakfast. The Chambers on 15 West 56th Street, does and so I thought I’d try that since we are staying with them. A very nice shakshuka with a mixed chorizo-tomato sauce and decent granola.…
Jams, New York City, 21 March 2018
New York is a problem when it comes to breakfast. Hotels don’t usually offer it anymore (a rule with lots of exceptions, of course). But, on the other hand, there are so many places to go for a nice breakfast that it doesn’t matter as much as it might elsewhere.…
Prepare for central bank regime change
Inflation-targeting independent central banks have a longer history than most CB regimes Market complacency that current regimes will remain is probably too optimistic Most new regimes mooted mean higher, more volatile inflation and thus lower growth Central bank and monetary policy regimes last longer than expected, but also change faster…
Radisson Blu, Cardiff, 16 March 2018
Not quite sure what I would have expected here, but I was more than pleasantly surprised. A very nice spread, including cold cuts, fish, cheese, vegetables, various kind of nuts and dried fruit for your cereal and a good variety of bread. A poster with an apology for…