Explainers

Long-form, original introductions to high-intent macro topics. Each piece cites authoritative sources and links back to pillars, glossary terms, and data guides.

The Phillips curve, explained

Unemployment, inflation, expectations, and why the trade-off shifts.

Quantitative easing explained

Large-scale asset purchases, channels, and what QE is not.

Real interest rates explained

Nominal versus real rates, and why inflation-adjusted policy stance matters.

Exchange rates and purchasing power parity

FX moves, real exchange rates, and purchasing power parity.

Fiscal multipliers explained

How spending and tax changes can ripple through GDP — conditionally.

What is a recession? Definitions explained

NBER dating, GDP rules of thumb, and UK discussion norms.

Prefer the short map? Start with the six topic pillars. For series literacy, see data guides.