Jagjit S. Chadha

Central banking will continue to dominate much of the agenda. If you want to understand some of the principles that underpin thinking. My book may help. @NIESRorg @CFMUK @CambUP_Econ @MMF_research @RoyalEconSoc @CamEcon @MaghicU @LSEEcon @BoE_Research @CentralBanking_ @cepr_org

So @ONS have revised up the labour productivity numbers by revising down hours worked but not increasing measures of output. So @EconObservatory asked @IssamSamiriEcon what it means.... Have we magically solved #productivitypuzzle? As @ThePaulDaniels might have said: you're going to like this....not a lot. 🎩 @TPIProductivity @annastansbury @DMcWilliams_UK @NIESRorg @econromesh @julianHjessop @CamEcon @hmtreasury economicsobservatory.com/hav…

Just to re-enforce the point about "leaks and tweaks" I spoke with @TVNaga01 on a panel on @bbc5live just before #Budget26 at c11.40 this morning. @CamEcon @CfSocialScience

As the commentariat and political classes gear up for another fiscal event, we will miss the bigger picture of whether this theatre of leaks and tweaks actually helps run the economy: it doesn't. @willydunn @CamEcon @NIESRorg @econromesh @NewStatesman share.google/RaHZgilHoSQK1LL…

The failure of the French state to address its fiscal fragilities exposes risks for the entire Euro Area and places the @ecb unfairly in the spotlight. Good to chat with @BBCgolmo. @CamEcon bbc.com/mundo/articles/c65yn…

A pleasure to catch-up with @DavidRobinson2K Even if I have strong words on the need for tighter monetary policy and an immediate fiscal consolidation. I worry that inaction on the latter is constraining the former. @CamEcon @econromesh @MNIMarketnews mnimarkets.com/articles/mni-…

Good to see @bankofengland starting to warn about fiscal positions. It is the main risk we face and yet commentators are either silent or focus on the "headroom" fabrication. Bank of England's Bailey says credible budget policy is needed more than ever reuters.com/markets/europe/b…

Perhaps it is time for us both to try again and read Musil's "A Man Without Qualities"?

Thank you @DEhnts. But it is simply not the job of central banks to accommodate fiscal profligacy. Governments have to rein in their expenditure ambitions and explain why that is the right thing to do. Accommodation is not the way to wean governments off this addiction.

Thank you @DMcWilliams_UK. The debt chickens are coming home to roost.... (I hadn't seen that "honours board" @GreshamCollege before. Quite humbling!)

"Do I worry? You can bet your life I do". The prospect of a French default is a crisis but it might trigger more widespread collapse in government debt markets. It is not central banks' job to accommodate fiscal incontinence. We need braver and political leaders to challenge the consensus for ever larger states. Me in @unherd @CamEcon @MMF_research @CFMUK @econromesh unherd.com/newsroom/could-fr…

Useful report from @CommonsTreasury in the run-up to #Budget26 and I was pleased to contribute. The @OBR_UK is an independent thermometer of politicians who have run too hot a fiscal stance for too long, leading to bond market fever. publications.parliament.uk/p…

Welcome back @cmicmeissner !