Steen Jakobsen
The Bank of Japan has abandoned quantitative easing and the European Central Bank may taper its bond-buying programme, so what is the role of central banks in 2017, asks Saxo Bank’s chief economist Steen Jakobsen.
Editor’s Picks 20 May 2016 at 0:56 GMT

Macroeconomics is more dark art than robust tool
While macroeconomics is just about useless in explaining future returns, microeconomics is vital. A doctor, a biologist and a mechanic can identify a problem and fix it. And yet despite the self-proclaimed wisdom of the best economists and central bankers, we remain mired in low or no growth since the Great Recession of 2007-2009. Even if the Angel Gabriel told me what the GDP number would be in a year’s time, there would be little chance I could apply any certainty to profiting from that. Macroeconomics is not a hard science. It is a soft science and its analysis, and application to the pursuit of profits in financial markets, is more a dark art than it is a robust tool that can be relied upon.
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