America’s wage-price persistence must be stopped
Recent price- and wage-growth data make it increasingly clear that the US economy’s underlying inflation rate is at least 4 per cent and more likely to be rising than falling.Although the Federal...
Will US consumers keep spending?
Some analysts predict that the US economy is heading into a recession. But if that is indeed the case, someone forgot to tell consumers. Although consumer confidence plummeted in August 2021 and has...
This inflation is demand-driven and persistent
Commentators have generally offered two arguments about advanced economies’ performance since Covid-19 struck, only one of which can be true. The first is that the economic rebound has been...
The economic consequences of the Ukraine war
Russia’s invasion of Ukraine has been rapid and dramatic, but the economic consequences will be much slower to materialise and less spectacular. The war itself is enormously tragic, first and...
Why did almost nobody see inflation coming?
In 2008, as the global financial crisis was ravaging economies everywhere, Queen Elizabeth II, visiting the London School of Economics, famously asked, “Why did nobody see it coming?” The high...