Jagjit S. Chadha
@jagjit_chadha
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Professor of Economics, Cambridge University | Macroeconomics | Contributory Editor Central Banking | DJ on Jazz Funk Soul Radio | Photographer
Faculty of Economics, CB3 9DD
Joined May 2018
Central banking will continue to dominate much of the agenda. If you want to understand some of the principles that underpin thinking. My book may help. @NIESRorg @CFMUK @CambUP_Econ @MMF_research @RoyalEconSoc @CamEcon @MaghicU @LSEEcon @BoE_Research @CentralBanking_ @cepr_org
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You are quite right @Frencheconomics. But under these conditions there is a severe danger of herding in opinion, as no-one wants to stand out from the crowd and risk their job. This means that genuine debate is stifled. Worse still is if the herding then drives the decision.
Liam is a terrific economics journalist. But I am afraid this misinterprets the role of City economists. Clients largely want to know what you think will happen not what you think should happen. I have been in meetings where a personal view on the optimal interest rate path is
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All eyes on the Bank of England today. Here's the Faculty's @Jagjit_Chadha who warns of the perils of discretion, as UK inflation is not securely converging on the target.
Whatever the @bankofengland announces at today, there are issues to be addressed: communication and a strategy for price stability. Fine tuning #BankRate is not the answer. My latest for @CentralBanking_
@CFMUK @MMF_research
@CamEcon @mcmahonecon
https://t.co/2B5tgc5Gah
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Whatever the @bankofengland announces at today, there are issues to be addressed: communication and a strategy for price stability. Fine tuning #BankRate is not the answer. My latest for @CentralBanking_
@CFMUK @MMF_research
@CamEcon @mcmahonecon
https://t.co/2B5tgc5Gah
centralbanking.com
Jagjit Chadha warns of the perils of discretion as UK inflation is not securely converging on the target
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My Donald Byrd Special from Monday. Two hours of great horn... Stepping into Tomorrow. š© @jfsrlive
https://t.co/6D3fNpa4sL
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Just over an hour to go... https://t.co/KCtiQayWER "People Get Ready"....
Oh my gosh I nearly forgot....under six hours to go until "People Get Ready" on @jfsrlive. 10pm for a Donald Byrd Special. Ready to Funk? Join me. "Music is the great healing force of the universe." š© My producer Nihal, Nils and @KingEconomist
@gilkarpas @BillReuters
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Good from @julianHjessop. Whatever is decided we have the freedom to argue for the right normative response. As we are not playing a game with traders which leads to opinion "herding". We do need a clear strategy from the #MPC not tactics in response to noisy events.
FYI, I've blogged on this week's Bank of England interest rate decision... š¤ (I have persuaded myself to switch to āno changeā, even though the actual decision is still likely to be a cut!) (Feat. @asentance @LiamHalligan @jagjit_chadha @DrGerardLyons) https://t.co/yNZImFjASI
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Oh my gosh I nearly forgot....under six hours to go until "People Get Ready" on @jfsrlive. 10pm for a Donald Byrd Special. Ready to Funk? Join me. "Music is the great healing force of the universe." š© My producer Nihal, Nils and @KingEconomist
@gilkarpas @BillReuters
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Thank you @MortimerleePaul. Always a pleasure to hear from you!
Jagjit Chadha makes some excellent points here, highlighting the issue of credibility and the importance of avoiding the appearance and actuality of fiscal dominance. Unfortunately, Bank credibility has been repeatedly damaged and fiscal dominance is a fact - as shown under
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Thank you @asentance. I really do find it hard to understand the mounting momentum for a cut or the statements that say we have "interest rates that have gone through the roof". Oh well. Just my tuppenny ha'penny.
Agreed. 4 percent Bank Rate is as low as the #MPC should go until inflation or ācore inflationā is below 2.5pc. The Bank needs to show its firm commitment to genuinely bringing inflation down to 2pc - and keeping it there!
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Is it @bankofengland's job to target government funding costs? Not exactly. Let's focus on price and financial stability. @MMF_research @cepr_org
@econromesh @CamEcon Letter: A trade-off the Bank of England should avoid https://t.co/Rl3dpg04Wg via @FT
ft.com
From Jagjit S Chadha, Distinguished Professor, Faculty of Economics, University of Cambridge, UK
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Thank you @LizWebsterSBF It has been the consensus view of economists from the start. Getting the body politic to listen was the problem....our 2016 open letter. "Leaving the EU would almost certainly damage our economic prospects" https://t.co/UzgcFfewS2
ifs.org.uk
The possible economic consequences of leaving the EU have naturally been a central focus of the referendum campaign. As June 23 draws near we bring together the conclusions from our research on the...
š„ Emma Duncanās column isone of the cleanest, least ideological admissions yet of what Brexit has done and why the argument is effectively over, even if politics hasnāt caught up. The key point is not that economists agree on every detail. Itās that they no longer disagree on
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Time to redesign our #fiscalframework. My new paper in the Scottish Journal of Political Economy @ScotEconSoc. https://t.co/fxeKuPJOne
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We've launched an inquiry, The OBR: 15 years on. We'll be looking into what can be learned from the @OBR_UK's previous actions and how it can continue to contribute to the UKās economic stability and policymaking. Read more š https://t.co/iHLJx09r3d
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The Nobel Laureate Professor Philippe Aghion gave the Alfred Marshall Lectures on the theme of āRethinking Capitalism: The Power of Creative Destructionā at the Faculty. If you missed it, we now have video of this significant event in Lady Mitchell Hall: https://t.co/Jofo385xPy
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Thank you @asentance. Supporting growth is not @bankofengland's primary role. Let's secure price stability and re-establish credibility.
Agree with @jagjit_chadha here. Also widening UK trade deficit shows demand outpacing supply - weakness of supply-side of UK economy rather than lack of demand is UKās economic problem.
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Good to chat to @DavidRobinson2K from @MNIMarketnews. Personally I see no urgent case to cut Bank rate next week: wait. Sometimes it might be good practice to surprise markets and send a signal. @CamEcon @MortimerleePaul
https://t.co/aTSWqDiuPR
mnimarkets.com
Ex-NIESR head Jagjit Chadha talks to MNI about BOE policy.
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The Facultyās Distinguished Professor @jagjit_chadha looks at the budget for fiscal headroom...
UK academic economists do not think the fiscal consolidation plan arising from #Budget2025 is particularly credible and that the framework encourages piecemeal policies. @NIESRorg @CFMUK
@CamEcon
https://t.co/zTDAujDG4V
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Good to chat to @DavidRobinson2K from @MNIMarketnews. Personally I see no urgent case to cut Bank rate next week: wait. Sometimes it might be good practice to surprise markets and send a signal. @CamEcon @MortimerleePaul
https://t.co/aTSWqDiuPR
mnimarkets.com
Ex-NIESR head Jagjit Chadha talks to MNI about BOE policy.
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