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adcv
@adcv
reviewing Niall Ferguson's 2015 paper on the composition of central bank balance sheets over time: https://www.econstor.eu/bitstream/10419/110876/1/cesifo_wp5379.pdf some interesting observations:
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adcv
@adcv
"Government debt and government-guaranteed assets today again account for as large a share of central bank balance sheet size as they did during World War II."
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adcv
@adcv
"The eight central banks in our sample and the euro area central banks experienced a significant increase in their balance sheets after 2007. On average, balance sheets have grown by almost 20 percentage points relative to GDP. The expansion leading up to and during World War II was also around 20 percentage points"
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adcv
@adcv
1950-1980 balance sheet expansion correlates quite strongly to inflation, but p breaks down thereafter. Are 1980+ conditions really indicative of successfully anchored expectations? What do they look like 2004-2023 now? 2004 was 20 years ago now, incredible to think about but it’s another universe now.
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