The Price of Money

NOTE EDITORE

An accessible guide to the natural rate of interest, why it is likely going up, and what that means for the future of the global economy and markets. Ask most people who sets interest rates, and they'll say it's the central bank. At a fundamental level, though, decisions by the Federal Reserve, European Central Bank, and their peers around the world are constrained by the natural rate of interest. The natural rate - the interest rate that balances supply of saving and demand for investment, whilst keeping inflation low and employment high - has moved from academic obscurity to a central role in monetary policy, and the operation of the economy and financial markets. For almost half a century from the 1970s to the 2010s, the natural rate in the US and other advanced economies fell. In the last decade, it has started to rise. In the years ahead, the cost of borrowing has further to climb. That shift from falling to rising borrowing costs reflects seismic shifts in demographics, technology, and geopolitics. In the years ahead, risk factors from war to artificial intelligence and climate change could accelerate its rise. For everyone from Ministers of Finance balancing the books to Wall Street titans making the next big bet, the shift from falling to rising borrowing costs has profound consequences. In a world where money is more expensive, the cost of managing it poorly gets higher. In The Price of Money, the Bloomberg Economics team explain the evolution of the natural rate, the forces driving it, where it is headed, and what that means for everything from government debt to saving for retirement.

SOMMARIO

1 - The Price of Money is Going Up2 - From Wicksell to Bernanke: A Brief History of the Natural Rate of Interest3 - A New Model of the Natural Rate of Interest4 - Hard Times, Happy Days, and Electric Sheep: How Slowing Productivity Growth Dragged Down the Natural Rate of Interest, and the Fourth Industrial Revolution May Push It Up Again5 - Demographic Destiny: How Baby Boom Savers Drove the Fall of the Natural Rate and Will Drive the Rise6 - No More Free Lunch: Rising Debt Will Push Borrowing Costs Higher7 - Temperature Rising: How Global Heating Will Drag the Natural Rate of Interest Down, and Investment in Net Zero Will Push It Up8 - The Return of History: How A Second Cold War Could Drive the Natural Rate Higher9 - China Shock: How China's Saving Impacts US Borrowing Costs10 - The Problem with Petrodollars: How Cristiano Ronaldo, an Artificial Moon, and Flying Taxis in the Desert May Push US Interest Rates Higher11 - Russia's Revenge: How Sanctioned States Dodge the Weaponized Dollar12 - The Rich Get Richer, the Rates Get Lower: How Rising Inequality Pushed the Natural Rate Lower and Artificial Intelligence Could Extend the Trend13 - The Era of Falling Rates Is Over14 - Monetary Policy in an Age of Scarcity15 - A More Expensive World: What Does It All Mean?

AUTORE

Jamie Rush is Chief European Economist for Bloomberg Economics, based in London. He has previously worked at the British Treasury, the New Zealand Treasury, and the UK Office for Budget Responsibility. He holds a PhD in economics from the University of Sheffield. Tom Orlik is Chief Economist for Bloomberg Economics, based in Washington DC. Previously, Orlik was the Chief Asia economist for Bloomberg and China economics correspondent for The Wall Street Journal, based in Beijing. Prior to a decade in China, he worked at the British Treasury, European Commission, and International Monetary Fund. He is the author of Understanding China's Economic Indicators and China: The Bubble that Never Pops. Stephanie Flanders is global head of Economics and Government at Bloomberg News and Research, based in London. She was previously Chief Market Strategist for Europe at JP Morgan Asset Management and Economics Editor at the BBC. She has also served as Senior Advisor to US Treasury Secretary Lawrence H. Summers, and worked at the New York Times, Financial Times, Institute for Fiscal Studies, and London Business School. She is an Honorary Fellow of Balliol College, Oxford and a Fellow of the Society of Professional Economists.

ALTRE INFORMAZIONI

• Condizione: Nuovo
• ISBN: 9780197800904
• Dimensioni: 14 x 235.0 x 156 mm Ø 415 gr
• Formato: Copertina rigida
• Illustration Notes: 70 figures and 6 tables
• Pagine Arabe: 216