An overview of the IIMR and its team in the news this year.
4th March 2023
Our Chair, Professor Tim Congdon, was mentioned in an article by Jeremy Warner, published in The Telegraph entitled ‘We’ll all pay for the Bank of England’s blindspot for the bleeding obvious’.
The author mentions how the “quantity of money is scarcely ever mentioned by the Bank of England, or indeed the US Federal Reserve and the European Central Bank [and] in failing to take it on board they hopelessly misjudged last year's sudden spike in inflation.” This is something the Institute (and our Chair) has been pointing out since the spring and summer of 2020!
He goes on to say “The surge in money up until the middle of last year was, moreover, so massive that it may have created an overhang that cancels out today's contraction. So massive, in fact, that the ratio of money to GDP is not yet back to where it was just ahead of the pandemic, Tim Congdon, another monetarist, points out.”
1st February 2023
Our Chair, Professor Tim Congdon, was mentioned in an article by Graham Hand, published in Firstlinks, an Australian on-line financial bulletin, The author mentions that Firstlinks had published Tim's warnings of high inflation as far back as 2020 and that his predictions have proved correct. Interestingly, the article reproduces the US money chart from one of the late 2022 IIMR money notes.
15th January 2023
Our Chair, Professor Tim Congdon, was mentioned in an article for Econlib by Scott Sumner, an influential American economist. Entitled My 2021 mistake, Sumner admits that he should not have supported the US Federal Reserve's new "Average inflation targeting" policy last year as it became apparent that the Fed was only concerned with inflation undershoots, not overshoots. Tim and Bob Hetzel (another US economist who has spoken at conferences organised by the Institute) are cited as two men who were - correctly in the writer's opinion - critical of the Fed's expansionary monetary policy right from the start.