Chief Economist, Heteronomics

Phil Rush

Philip Rush is the Founder and Chief Economist of Heteronomics. Until launching in November 2016, he was Nomura's Senior European Economist and was the Chief UK Economist there since 2010. Before that, he was UK Economist at Barclays Wealth, where he also developed strategic asset allocation models for their market return portfolios. Philip started his career at Lehman Brothers covering the UK, Scandinavian and Swiss economies. A book on his fundamental framework was published in January 2018 as "Real Market Economics".

Chief Economist

EA: Final Feb Inflation Precisely In-Line

UK: Fiscally Focused on Frustrating Flows

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul>
<li>The close relationship between national debt and wars is well-established. Although the current Covid crisis is not a war in the conventional sense, the government has extended its authority in a manner seldom seen outside a conflict situation.</li>
<li>War and similar crises shift the dial on economic policy towards a greater role for fiscal over monetary policy in demand management. In short, they push the envelope on what is thought possible and desirable vis-a-vis the role of the state.</li>
<li>Monetary policy’s space to stimulate is increasingly defensive as it accommodates fiscal stimulus up until the point it becomes inconsistent with the target. The fiscal hegemony is now de facto and de jure and this will determine relative economic performance.</li>
</ul>


The close relationship between national debt and wars is well-established. Although the current Covid crisis is not a war in the conventional sense, the government has extended its authority in a manner seldom seen outside a conflict situation.
War and similar crises shift the dial on economic policy towards a greater role for fiscal over monetary policy in demand management. In short, they push the envelope on what is thought possible and desirable vis-a-vis the role of the state.
Monetary policy’s space to stimulate is increasingly defensive as it accommodates fiscal stimulus up until the point it becomes inconsistent with the target. The fiscal hegemony is now de facto and de jure and this will determine relative economic performance.


Fiscal Conquering Monetary Hegemony