Talk: 'On money and inflation: who is responsible for the current inflation episode?'
Thursday 21st April 2022
17:00-18:00 UK time
University of Buckingham
On Thursday 21st April 2022, our Director (Juan Castañeda, Institute of International Monetary Research and University of Buckingham) will give a talk, entitled 'On money and inflation: who is responsible for the current inflation episode?', followed by a presentation of the Postgraduate programmes in Money, Banking and Central Banking, University of Buckingham. The latest available data show that CPI inflation is on the rise in the USA (7.9%), the Eurozone (7.5%) and the UK (5.5%). Juan Castaneda will point out that the surge in the amount of money, broadly defined, in the US and other leading economies since March 2020 is the ultimate determinant of the current inflation episode. In 2020 and 2021, the central banks in these economies embarked in large asset purchases programmes (mostly government bonds) that have resulted in an extraordinary rate of growth of money, broadly defined. In the USA, during the spring of 2020 M3 growth reached a record high for modern peacetime. National central banks have been willing to monetise the enlarged deficits incurred by the government without paying attention to the consequences this would have on the amount of money. In line with the IIMR monthly money notes since March 2020 and as stated in a policy report written for the IEA in June 2020 ('Inflation; the next threat?', co-authored by Juan Castaneda and Tim Congdon, IIMR), he anticipated that, in contrast to the disinflationary effects of the Global Financial Crisis in 2007-09, the surge in money growth in 2020 in the USA, the Eurozone and the UK would be inflationary in the medium term. Of course, the inflationary effects resulting from the extraordinary rate of growth of money in these economies in the last 24 months are neither immediate nor precisely proportional. There is often a delay of about 18-24 months between a surge in money growth and its effect on prices and this is precisely what is happening now. In other words, the current increase in inflation is very much the result of excess money growth in 2020 and 2021. The presentation will include a discussion on the conditions necessary for leading economies to return to price stability in the next 2-3 years.
IIMR Webinar - What is monetarism good for?
Wednesday 23rd March 2022
17:30 UK time
Delivered live via Zoom Webinar
On Wednesday 23rd March 2022, our Director (Juan Castaneda) and a member of our Academic Advisory Council (Geoffrey Wood) will contribute to a webinar, co-organized by Istituto Bruno Leoni and IIMR, whereby an international panel will discuss the merits of monetarism and our online course on ‘Money and Prices. An introduction to monetarism’. You can join the webinar via bit.ly/monetarism-webinar with Zoom ID: 830 3534 7010 and password: ibl.
Wednesday 9th February, Wednesday 23rd February and Wednesday 16th March 2022
18:00-19:00 UK time
Delivered live via Zoom Webinar
Wednesday 9th February 2022, Mark Skousen of Chapman University will hold a session titled "The implications of using Gross Output for the making of monetary decisions". You can register for this webinar here.
Wednesday 23rd February 2022, Tim Congdon of Buckingham University will hold a session titled "Banking in a free society". You can register for this webinar here.
Wednesday 16th March 2022, David Llewellyn of Loughborough University will hold a session titled "Has the regulation pendulum swung too far in the banking industry?". You can register for this webinar here.
For a one-page leaflet (pdf), click here. This event is organized in collaboration with the Centre.
We are delighted to announce the third edition of the Monetary Policy Essay Prize, in collaboration with the IEA and the Vinson Centre, on 'Does inflation matter? And will the current inflation upturn be transitory or not?'. You will find details on how to enter the competition here.
Centre.