New Economic Thinking and Real Estate by Danny Myers

Author:Danny Myers [Myers, Danny]
Language: eng
Format: epub, pdf
ISBN: 9781119048749
Publisher: Wiley
Published: 2016-08-22T00:00:00+00:00

Times are changing

Since the onset of the Great Recession, central banks have been dogged by particularly difficult circumstances. To state the obvious examples: bank failures; rigged markets; sovereign debt; weak economic growth; and a general climate of financial instability. As a consequence, the conventional paradigm of orchestrating interest rates to target credit facilities and secure price stability has undergone a transition towards a new world, where the broader macroeconomic environment relating to financial stability has become a key objective.

In some quarters, these largely unforeseen and, it seemed, inexplicable events led to increased debates about the level of accountability that could be trusted to central banks and the policies they enforced. To take just one example from the UK: in 2011, the House of Commons Treasury Committee published a report entitled Accountability of the Bank of England, which called for a radical overhaul of the Bank’s governance. According to one commentator of life inside the Bank of England, during the decade of independence prior to the onset of the Great Recession, the Bank had lost its way and the confidence of parliament, and acquired a distinct arrogance and a disregard for process (Conaghan, 2012:289).

This loss of confidence was captured by the cynical attitudes that accompanied the first attempts at something relatively different, namely quantitative easing or, more simply, QE. As this confusing process to expand the money supply has been deployed since 2008 in several different countries, and on several separate occasions, we need to at least acknowledge the process.

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