Oliver Bush
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ophbush.bsky.social
Oliver Bush
@ophbush.bsky.social
8 followers 34 following 11 posts
Macro history, BoE, LSE. Correlation between my views and my employer's may be less than one
Posts Replies Media Videos
Reposted by Oliver Bush
nber.org
Providing a detailed account of the Great Inflation in the United Kingdom from 1961 to 1997, from Michael D. Bordo, Oliver Bush, and Ryland Thomas www.nber.org/papers/w34363
October 18, 2025 at 5:03 PM
Reposted by Oliver Bush
reuters.com
From Breakingviews - Breakingviews - Inflation targets are no match for fiscal neglect reut.rs/4nYS6pw
Breakingviews - Inflation targets are no match for fiscal neglect
Monetary authorities are under pressure for failing to keep prices in check. However, past success owed much to governments managing debt. Now that politicians are struggling to control public borrowing, even the most skilful central bankers will struggle to hit their goals.
reut.rs
October 17, 2025 at 1:01 AM
Reposted by Oliver Bush
voxeu.org
UK CPI inflation in 1975 reached 25%, a period known as the 'Great Inflation'. Michael Bordo shows it was fiscal reforms that played a key role in ending the Great Inflation, highlighting the importance of the fiscal regime for inflation & effective monetary policy.
cepr.org/voxeu/column...
#EconSky
A graph of the UK consumer price index from 1919 to 2019. UK CPI inflation in 1975 reached 25%, a period now known as the ‘Great Inflation’. This column uses a range of empirical and narrative evidence to illustrate the importance of fiscal policy in this period. While stabilising and reducing debt has been the primary peacetime fiscal policy objective for most of modern British history, this was almost completely abandoned during the Great Inflation period. The Great Inflation ended, in part, following a series of fiscal reforms, thus highlighting the importance of the fiscal regime for inflation and the effective operation of monetary policy.
September 23, 2025 at 7:41 AM
Reposted by Oliver Bush
nber.org
Fiscal policy was at the heart of many of the UK's problems during the Great Inflation; instead of being used to stabilize the public finances, it was used for political ends, from Michael D. Bordo, Oliver Bush, and Ryland Thomas https://www.nber.org/papers/w34063
July 28, 2025 at 4:00 PM
ophbush.bsky.social
New work challenging the consensus account of the Great Inflation in the UK (it was mainly down to bad monetary policy)...
boeresearch.bsky.social Bank of England Research @boeresearch.bsky.social · Jul 18
Staff Working Paper 1135 by Michael Bordo (Rutgers), Oliver Bush (BoE) & Ryland Thomas (BoE) reconsiders the historical & empirical record of inflation in the UK to determine the underlying causes of the Great Inflation of the 1960s & 1970s.
🔗 www.bankofengland.co.uk/working-pape...
'Muddling through or tunnelling through?’ UK monetary and fiscal exceptionalism and the Great Inflation
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
July 18, 2025 at 2:56 PM
Reposted by Oliver Bush
albrechtritschl.bsky.social
This makes Schacht's infamous Mefo scheme look almost conservative - who would have thought?

That said, the new scheme might be the best available solution. But financial risks are 'yuge'.

Germany unification emitting strong vibes, too. That one didn't end v well.
March 5, 2025 at 7:58 AM