Monetary Policy: All Talk!

“When I was at the Federal Reserve, I occasionally observed that monetary policy is 98 percent talk and only two percent action” The above is the catchy opening line from Ben Bernanke, previous Chairman of the US Federal Reserve, on the inauguration of his…

Beggar-my-neighbour policies

There seems to be an increasing sense of uncertainty developing on how the US Federal Reserve will manage policy over the next six months. The narrative emerging is that the Fed have backed themselves into a corner on a rate hike, something that is…

Weekly Market Recap: 30th March 2015

Global equity markets were in the red last week, as cracks are starting to widen in the consensus view that the global economy is on an upward trajectory. The spate of data from China last week suggests that the economic slowdown is deepening, the…

Being the Designated Driver

Annual IAPF Investment Conference, 26/03/2015 A look at the impact of quantitative easing on pension schemes. Link to my presentation: Being the Designated Driver    

Football, People and Decision Making

For any of the football fans who read my commentary, you may have been wondering if I took a convenient sick day yesterday after Sunday’s defeat to Manchester United. Thankfully, my client meeting in Kerry spared me the smugness (deserved) of the Manchester United fans…

Rising Inequality: The Side Effect of Monetary Policy

The wealth effect theory – where rising asset prices makes consumers feel wealthier, causing them to spend more – has been the prime driver behind the expansionary monetary policy pursued by the world’s major central banks in their efforts to stimulate an economic recovery….

Weekly Market Recap: 23rd March 2015

Global equity markets moved higher last week, buoyed by the statement from the US Federal Reserve. While the Fed removed the word “patient” in terms of their stance on interest rate hikes, the downgrading of economic projections was a sign for investors that the…

The Marriage Effect

“By all means marry; if you get a good wife, you’ll become happy; if you get a bad one, you’ll become a philosopher.” Socrates (469 BC – 399 BC) Greek Philosopher Who should be allowed marry? That is the question currently being debated in…

Thoughts on the mortgage arrears crisis; the great contradiction

Last Friday the Central Bank of Ireland released the Residential Mortgage Arrears and Repossessions Statistics, updated to December 31st 2014. The report is particularly timely given the huge increase in repossession orders being lodged with the courts and as more high profile cases garner…

Thoughts from Japan

Last week, Japan’s Nikkei 225 equity index hit a 15-year high. As I received the usual mobile Bloomberg update about this development, it was interesting to actually be in the country since the world of economics and finance has really been the context for…

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