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ketchup economies

Long dated UK inflation-linked gilts – possibly the most expensive bonds in the world

The new issue of an inflation-linked gilt maturing in 2050 a couple of weeks ago reminded me of an excellent three page paper that Larry Summers wrote in the mid 1980s (see here). In short, Summers invented what he called ‘ketchup economics’ and had a bit of a dig at economists working in the world of finance.  Financial economists ‘work only using hard data and are concerned with the interrela…

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