Category: Monetary policy

Kondratieff, Schumpeter and the Outlook for 2015

Thirty years ago, my book The Age of illusions (1983) contained an exposition of the long waves in economic life, first identified by the Russian economist Nikolai Kondratieff during the 1920s. Kondratieff’s thesis was that long waves lasting approximately half a century each occur in the economic activity of capitalist economies. These waves have two …

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Monetary policy in an independent Scotland – currency union and beyond

There is now just over a month to go before the Scottish independence referendum on September 18th 2014. My purpose in this analysis is not to express a political opinion on the desirability or otherwise Scottish independence. It is rather to give a view as a professional economist on Scotland’s optimal monetary policy, if it …

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