Follow Joshua McCallum

Joshua McCallum is the senior Fixed Income Economist at UBS Global Asset Management, where he provides economic analysis to support and challenge portfolio managers. Before joining UBS in 2005, Joshua worked for the UK Treasury, dealing with an eclectic range of topics including international macroeconomics, the UK budget, economic reform in Europe, and post-conflict fiscal policy in Iraq.

Joshua McCallum recently

July 2014

  1. A capital idea

    Blog post | Tags: Joshua McCallum

    Business investment spending in the US has started to pick up but what is often unappreciated is that most of investment spending is simply replacing ageing equipment. Spending on new capital goods to actually expand capacity remains extremely low, and will need to rise if the US economy is to grow properly once more.

  2. Finally a Lending Stimulus

    Blog post | Tags: Joshua McCallum

    The ECB announced the Targeted Long-Term Refinancing Operation (TLTRO) in June as one of its measures to stimulate lending. The TLTRO is very similar to the Bank of England’s Funding for Lending Scheme (FLS), although the TLTRO’s terms are actually more advantageous for banks than those of the FLS. It looks like the ECB has tried to learn from the Bank of England’s experience, but it will take some time for TLTRO to have a discernable impact.

  3. Test drive

    Blog post | Tags: Joshua McCallum

    The responsiveness of the economy to interest rate changes will be crucial as central banks contemplate shifting to higher interest rates. The UK economy has tended to be more responsive to interest rates than the US, in part due to differences in the transmission mechanism through to households.