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

September 2014

  1. Hole-in-two

    Blog post | Tags: Joshua McCallum

    The central bank conference at Jackson Hole usually brings news about the Federal Reserve, but this time round it was the same story from Chair Yellen that the unemployment rate isn't everything. Instead, ECB President Draghi seized centre stage. By pointing out that the participation rate explains much of the difference between US and Eurozone unemployment, Draghi made  clear that monetary policy is no longer about just inflation and unemployment. 

August 2014

  1. A(sia)synchronous

    Blog post | Tags: Joshua McCallum

    A closer look at the Global Financial Crisis reveals it may not have been that global after all. Asian Emerging Markets managed to remain relatively stable throughout the crisis despite external volatility, largely due to robust credit growth and an influx of excess global liquidity. Now credit is still growing but the economies are slowing.

  2. The missing piece

    Blog post | Tags: Joshua McCallum

    In the UK, wage growth has remained weak despite the strong economy. Since 2011, the expected relationship between higher wages and higher employment has broken down. Is this to do with an increased supply of labour or weak productivity growth, or simply that it is taking longer for higher employment to translate into higher wages?

Recent charts

European countries are divided into two leagues, core and periphery. It should not be surprising if some countries (such as Spain) eventually get promoted to the core.