Ultra-low interest rates

Read my latest Oxford University Press blog post on ultra-low rates.  The post is based on a presentation I will make at the SUERF/OeNB/BWG Conference on  “Asset-liability management with ultra-low interest rates,” at the Austrian National Bank in Vienna on March 11, 2015.

Will the Brits go negative?

A little over a year ago, I argued that the Federal Reserve should consider charging banks for the privilege of holding their reserves.  The reasoning for this is straightforward: charging interest on banks (instead of paying interest, as the Fed now does) will encourage banks to come up with more profitable uses for their money, … Read moreWill the Brits go negative?

Wanted: Central Banker

A couple of weeks ago, the Economist magazine ran an unusual “help wanted” ad.  The Governor of the Bank of England, Sir Mervyn King, will retire in June and the British government is looking for a replacement. On the one hand, it might seem like a great job.  The Governor receives a salary of £300,000, … Read moreWanted: Central Banker

Playing Chicken in the City (Chicken à la King?)

It looks the banking news from Britain will continue to be interesting for a while. The Treasury and Bank of England Governor Mervyn King are lining up in support of the as-yet unreleased report of the UK Independent Commission on banking  headed by Sir John  Vickers.  The commission is expected to recommend that UK financial … Read morePlaying Chicken in the City (Chicken à la King?)