Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: inflation, corporatism, risk and space ...

BY DANIEL TENREIRO & ANDREW STUTTAFORD June 11, 2021 BY DANIEL TENREIRO & ANDREW STUTTAFORD June 11, 2021 Hayek's Tiger Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: inflation, corporatism, risk and space flight, billionaires and value creation. To sign up for the Capital Note, follow this link. News and Views Inflation Well, you didn't think that topic wouldn't rate a mention . . . From the U.K.'s New Statesman, an article by the Bank of England's chief economist, Andy Haldane. Much of this, unsurprisingly, is focused on the U.K., although much will also strike a note with American readers, not least this comparison between the policy responses to the financial crisis and the arrival of COVID-19 (my emphasis added): During the Covid crisis, central banks have ­followed the same playbook as after the global financial crisis: a large and rapid crisis was met with a large and rapid monetary policy response. But after the global financial crisis, the economy recovered slowly so monetary policy was normalised slowly. This time is very different. The economy is rebounding rapidly. Yet the guidance issued by central banks implies a path for ­policy normalisation every bit as sedate as after the global financial crisis. Having ­followed the global financial crisis playbook on the way in – rightly – there is a risk central banks also follow it on the way out. This would be a bad mistake. If realised, this risk would show up in monetary policy ...   READ MORE

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