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Vanguard News Central Banking as a printing business On By Obadiah Mailafia Joseph  Mubiru (1929—1971),was the pioneer Governor of the Bank of Uganda. A highly competent technocrat;he was once ordered to print some money by the country’s military strongman General Idi Amin, to which he politely refused. On professional grounds. He was dismissed and later assassinated. Central bankers live in a gilded world. But their work clearly involves some huge risks. A rather illiberal debate took place a fortnight ago between Edo State Governor Godwin Obaseki and the CBN and theFinance Ministry. G...

Laurence Ball The crisis has left deep scars, which will affect both supply and demand for many years to come. Blanchard (2012) The Covid-19 pandemic in the US has led to volumes of initial claims for unemployment and unemployment rates not seen since the Great Depression period, pushing the economy into a recession. As policymakers map out potential recovery paths, much of the debate tends to focus on short-run and medium-run implications. Can we hope for a ‘V-shaped’ rebound, at least once vaccines have been widely distributed, or will it take a long time between economic decline and s...

Jennifer Castle, David Hendry Three stylised structural changes have been underway since the end of 1980s. First, the Phillips curve flattened. Figure 1 reports rolling estimates of the slope of the Phillips curve based on a panel of six advanced economies. The large swings in output and unemployment since the Global Crisis put the debate on the ‘elusive’ Phillips curve under the spotlight, as a key ingredient to the ‘missing deflation’ and ‘missing inflation’ puzzles (Hall 2013, Coibion and Gorodnichenko 2013, Constancio 2015, Williams 2010 among many others). Yet the flattening ...