An overview of the IIMR and its team in the news this year.
6th June 2023
Our Chairman, Tim Congdon, was mentioned briefly in this article by Paul Ormerod for City AM.
The article discussed a paper written for the American Economic Review by David and Christina Romer, which concludes that monetary policy is indeed important. Monetary shocks have large effects on unemployment, output, and inflation. They argue that a contractionary monetary shock occurred in the United States in 2022, which will lead to a recession, exactly what our Chairman has been saying.
9th May 2023
Our Chairman, Professor Tim Congdon, is mentioned in this article by Philip Aldrick for Bloomberg. The theme is similar to that of the two articles below - namely, that the Keynesian consensus in both the Bank of England and the US Federal Reserve needs to be broken.
28th April 2023
The Bank of England refuses to accepts that it is responsible for the current high inflation, says Ambrose Evans-Pritchard in the Daily Telegraph. He points out that "Professor Tim Congdon and his colleagues at IIMR" supported the QE programme of 2008-9 but not that of 2020 because the economy was in a very different position. He states that "there is no question that Britain’s small band of monetary theorists has been right at key inflection points over recent history" and suggests that when there is next a vacancy in the Bank of England's Monetary Policy Committee, a monetarist should be appointed.
28th April 2023
Our Chair Tim Congdon's pamphlet for Politeia, Inflation: Why has it come back? And what can be done? which was launched on Wednesday 26th April, has been reviewed by the Reaction on-line magazine. Tim does not mince his words in his latest publication:- “Large overshoots or undershoots on the inflation target should result in the automatic resignation of the Governor and the Deputy Governor for monetary policy.” The author points out that in spite of the warnings Tim was sounding as far back as 2020 regarding the inflationary consequences of the Bank of England's asset purchases, not a single member of the Bank's Monetary Policy Committee shared his thinking, so his message was ignored. Sadly, there is no sign of any new members being appointed to challenge the groupthink in the MPC which has led to the current inflationary surge.
18th April 2023
"They've got it wrong; hopelessly so." IIMR Chair Tim Congdon was talking about the Bank of England in another interview for Bloomberg UK with Caroline Hepker and Elina Ganatra. He went on to add, "I’ve been commenting on the Bank of England best part of 50 years now. I have to tell you, the current lot are some of the worst I’ve ever commented on.”
17th April 2023
“My view is that there will be a recession” – so said IIMR Chair Tim Congdon in an interview for Bloomberg UK with Caroline Hepker and Tom Mackenzie. He warns that the current high inflation episode will be severely reduced as the quantity of money continues to contract,with inflation figures below 5% by early 2024, and close to target by the end of 2024.
1st February 2023
15th January 2023