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://http://www.miguelnavascues.com/
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Brussels’ recipe for disaster

Behind the latest good news about better external deficit figures in Spain and the US, nominal GDP records demonstrate that Brussels is wrong: it isn’t time for savings when income drops dramatically. Spain needs credit to grow and repay its debts.



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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.



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I-told-you-so graphs for ECB worshippers

By Luis Arroyo, in Madrid | Very briefly: for those who have let themselves fall for the euphoria that unfolded after the European Central Bank governor Mario Draghi reported on unlimited short-term sovereign bond purchases, I would like to remind them of what happened during the last weeks of 2011 and the beginning of 2012. Back then, the ECB introduced its long-term refinancing operations, which were meant to inject liquidity…