Author: John Llewellyn

Aggregate demand policy in a time of COVID

  • Large increases in government expenditure generally necessitate restraint elsewhere
  • However at present significant resources are lying idle: no such sacrifice is needed
  • Hence increases in government exenditure currently need not be financed by borrowing
  • Neither need they be recorded as increases in debt owed to the public
  • Today’s circumstances require the explicit coordination of fiscal and monetary policy
  • This could be calibrated by targeting an appropriate target path for nominal GDP

You wouldn’t want to start from here

The world is faced by a major macro policy conundrum

The COVID-19 pandemic and its aftermath pose two fundamental and closely-related challenges to macro stabilisation policy: to specify the framework most appropriate for these novel and difficult circumstances; and to determine appropriate operational procedures.… Read the rest

Climate change and disease spread: from nature to humans

Rising temperatures and destruction of ecosystems are set to increase health risks


Covid-19 shows how an animal-borne virus can wreak havoc on humankind. It is vital that its precise origins and transmission process become better understood, so as to avoid similar, or even more infectious and fatal, pandemics in the future.… Read the rest

John Llewellyn

Partner – Before co-founding Llewellyn Consulting, John was Global Chief Economist and then Senior Economic Policy Advisor at Lehman Brothers. This followed almost twenty years at the Organisation for Economic Cooperation and Development (OECD) in Paris, where variously he was Head of International Forecasting and Policy Analysis, Editor of the OECD Economic Outlook, Deputy Director for Social Affairs, Manpower and Education, and finally Chef de Cabinet to the Secretary-General.

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Global Letter – Tip of the iceberg

The basic science has long been known: but the planet is warming faster than expected.

COVID-19 is a sharp reminder of humankind’s fragility and its linkages with the natural world. Headlines understandably focus on its devastating human and economic consequences.… Read the rest

Global Letter – The EU: on the money

The EU’s recovery programme is a potential game changer for the economy and the single currency.

Decisive moment

In his memoirs, European visionary and revered French diplomat Jean Monnet asserted that: “Europe will be forged in crises and will be the sum of the solutions to those crises”.Read the rest

Technology Series: Satellite methane detection

Methane is a more potent greenhouse gas than carbon dioxide. Detecting leaks is vital.


What it is

Methane (CH 4 ) 1 is a significantly more potent greenhouse gas (GHG) 2 than carbon dioxide (CO 2 ) over the short-term, 3 and is released as a consequence of both human activities and natural processes.… Read the rest

Technologies Series – Satellite Mega-Constellations

Universal high speed internet access – or a sky full of debris


Soon, all our constellations could be LEO

What they are

Thousands of satellites in Low-Earth Orbit (LEO), able to provide high-speed internet and communication access around the world.… Read the rest