Perspectives

Time is ripe for change in monetary policy style

In spite of large doses of policy easing, inflation and global growth remain tepid. With the effectiveness of existing monetary policy styles therefore being increasingly questioned, the November 2016 issue of Perspectives looks at three of the most plausible alternatives. One is asset-price targeting. Could central banks assume responsibility for ensuring the stability of asset […]

Gauging the economic plans of U.S. presidential candidates

Both main candidates in the US presidential election have outlined their plans in numerous areas. Whoever wins, both are promising to raise government spending, especially on infrastructure. Writing in the October issue of Perspectives, Pictet Wealth Management’s chief economist Bernard Lambert outlines various scenarios. Should Hilary Clinton win the presidency but the Democrats fail to […]

Private equity, an antidote to prospect of weak returns?

The summer months were good for risk assets, though things may get bumpier in the months ahead. But alongside this study in chiaroscuro, the September issue of Perspectives offers a brighter picture of investment opportunities. Pictet chief strategist Christophe Donay admits that “prospects for portfolio returns look far weaker than they did in the past” […]

Similarities between August 2016 and July 1999

Quantitative analysis points to parallels between state of equity markets today and markets 17 years ago There are many similarities between the current period and 1999. Then, just as now, we were in the midst of a technology-led bull market following a housing-related recession, central banks were experimenting with very loose monetary policy, there had […]

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    Investing in a post-Brexit world

    Brexit should not lead to a repeat of the financial crisis of 2007-2008. So argue Pictet analysts and economists in the July issue of Perspectives. Central banks are better prepared and banks are less leveraged. In the last resort, the European Central Bank can be expected to step in again should financial stress noticeably increase […]

    In the June 2016 issue of ‘Perspectives’

    Will Knut Wicksell be proved right? The Swede’s theories include the notion that there is a ‘natural’ level of interest rates, consistent with the economy operating at its full potential without overheating. But the actions of central banks have forced interest rates to artificially low levels in recent times, well below their ‘natural’ levels. If […]

    Central banks face test of credibility

    Central banks contributed to halting the financial crisis (starting with the US Federal Reserve’s first quantitative easing package, launched in late 2008), with successive rate cuts helping companies and households in the West to deleverage. The Bank of Japan (BoJ) and European Central Bank (ECB) followed with aggressive policies at a later stage, when the […]

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