Articles by Miguel Navascués

About the Author

Miguel Navascués
Miguel Navascués has worked as an economist at the Bank of Spain for 30 years, and focuses on international and monetary economics. He blogs in Spanish at: http://

Liquidity demand and the inflation horror

The Federal Reserve is hoarding Treasuries, interest rates in the US have plummeted and the inflation menace overhangs like a large knife above the American economy. Not at all, points out economist Luis Arroyo.

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US Achilles’ heel flashes a € sign on it

The US Federal Reserve can apply monetary measures as often as it wishes, but there is one factor that escapes its command and, nevertheless, stops markets from recovering. It’s called the euro.

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The Japanese liquidity trap

Economist Luis Arroyo peeks at Japan’s monetary policy with some sense of vertigo. Deflation has become a real threat for the country’s recovery and should be fought sooner than later.

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Bernanke despises inflation horror tales

Will inflation rise in the US? That is the expectation of investors. Is it due to the Federal Reserve’s monetary policy? You bet. But, economist Luis Arroyo concludes, eggs end up broken when making an omelette. Or when a central bank stimulates employment.