Books and Publications

The Value of Money – Controversial Economic Cultures in Europe: Italy and Germany – with C. Liermann Traniello, T. Mayer, and M. Scotto – Villa Vigoni Editore

Central Banking in Turbulent Times – with Tuomas Välimäki – Oxford University Press

The single monetary policy and its implementation. An assesment. Bruegel, Monetary Dialogue (*)

Can the European Central Bank control interest rates?

Central bank cooperation during the great recession

The concrete euro– Oxford University Press

The International Monetary System – Cambridge University Press

La banca centrale europea– il Mulino

Operational Aspects of a Hypothetical Demise of the Euro- Journal of Common Market Studies

Can inflation derivatives help the ECB hit its inflation target?- Central Banking Journal

(*)“This policy contribution was prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Monetary Dialogue of 25 September 2017 between ECON and the President of the ECB. (http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html). Copyright remains with the European Parliament at all times.”

A A A

Paying for QE
In my article last week on LDI I predicted that the turmoil in the pension fund sector and the gilt market two months ago would not be the last uncomfortable moment for the authorities. And it already looks as though we can see where the next challenge will come from, as the question of the […]
John Nugée
LDI is just the start
Calm has by and large returned to the pension fund sector after the recent LDI-induced volatility. But it would be a mistake to dismiss the episode as “a minor problem with no wider significance”. Instead it should be seen as a canary in the coal mine, and the first warning signs of two much larger […]
John Nugée
The fall of Liz Truss, and the nature of political authority
Despite its extreme brevity, the ill-starred premiership of Liz Truss is likely to be remembered and talked about more than quite a few other (and by default longer-lasting) tenures at the top. But beyond the inevitable pub quiz questions and cutting epithets (my favourite is "Liz of the Thousand Hours", echoing the excellent 1960s film […]
John Nugée