Cheers. Looks like an interesting paper. What crack are they smoking though? I guess central bankers have access to the highest grade sh*t. Well, don’t be a stranger Merv–pass that pipe around, baby!
Top CB crack is like the sixties–if you can remember doing it, you had the cheap crap cut with baby powder. Merv keeps the good stuff hidden in the weather vane in the Bank’s Court Room.
There’s actually a nuclear bunker under Threadneedle St filled with emaciated 30 somethings, biting their dirty fingernails, stumbling around and occasionally mumbling to one another about sunspot equilibria and liquidity traps.
Course, they don’t get the good stuff either. Pour la canaille, la mitraille—and everyone else can go eat cake.
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H-P Filter?
Good luck to ’em, anyway–they’re going to need it!
Full details here and the appendix, showing the same chart for several other countries is worth glancing at.
http://www.bankofengland.co.uk/publications/speeches/2010/speech463.pdf
Cheers. Looks like an interesting paper. What crack are they smoking though? I guess central bankers have access to the highest grade sh*t. Well, don’t be a stranger Merv–pass that pipe around, baby!
I was a central banker once.
I don’t remember the crack 🙂
Top CB crack is like the sixties–if you can remember doing it, you had the cheap crap cut with baby powder. Merv keeps the good stuff hidden in the weather vane in the Bank’s Court Room.
There’s actually a nuclear bunker under Threadneedle St filled with emaciated 30 somethings, biting their dirty fingernails, stumbling around and occasionally mumbling to one another about sunspot equilibria and liquidity traps.
Course, they don’t get the good stuff either. Pour la canaille, la mitraille—and everyone else can go eat cake.
Er, sorry, not sure where that came from! Seasonal madness, maybe.
Certainly amused me.
The truth is even stranger however – we were always told that the vaults contained a large stash of kendal mint cake, to be eaten in an emergency.
And to think we laughed at our profs when they told us that that capital is homogeneous, infinitely divisible and edible, eh.