Monetary Policy 201
This from Paul Volcker strikes me as substantially wrong: Paul Volcker and Cardiff Garcia: AlphaChatterbox Long Chat: [My] first economics course… at Harvard… Arthur Smithies…. Session after session he...
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Must-Read: Nick Bunker: What’s the deal with U.S. wage growth?
Must-Read: Suppose you put someone in cryogenic sleep a decade ago, woke them up today, showed them this graph: and said: “The U.S. Federal Reserve still has the same 2%/year inflation target it had in...
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Must-Read: Narayana Kocherlakota: There Goes the Fed’s Credibility
Must-Read: By now we can no longer understand the Federal Reserve Chair as needing to maintain harmony on a committee that has on it many regional reserve bank presidents who have failed to process the...
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Must-Read: Steve Goldstein: Fed’s Lael Brainard Calls for ‘Waiting’ as Labor...
Must-Read: If people on the FOMC had known late last November that the first half of 2016 would be as bad as it is shaping up to be–a GDP growth rate that looks to be 1.7%/year rather than 2.4%/year,...
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Must-Read: Ben Eisen: Newest Inflation Expectations Likely to Trouble the Fed
Must-Read: Ben Eisen: Newest Inflation Expectations Likely to Trouble the Fed: “The Federal Reserve probably won’t like the latest data out of the University of Michigan on Friday… …inflation...
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Must-Read: Paul Krugman: A Question For the Fed
Must-Read: As I was just saying yesterday: Take the rate of profit–typically 6% to 7% per year–on the operating companies that make up the stock market. Subtract the risk premium–typically 4%. Add on...
View ArticleMust-Read: Ryan Avent: Expect the Worst
Must-Read: the sharp Ryan Avent, I think, nails it: Ryan Avent: Expect the Worst: “It wouldn’t make sense for the Fed to target real GDP growth, but then, the Fed is not really in that business… …The...
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The Three Ways in Which the Post-Korean War Federal Reserve Reacts to/Leads...
In “Eisenhower” episodes, the Federal Reserve cuts interest rates slowly and shallowly as the unemployment rises, trusting to the equilibrium-restoring self-stabilizing forces of the economy. It then...
View ArticleThe Truth Behind Today’s US Inflation Numbers
Live at Project Syndicate: The Truth Behind Today’s US Inflation Numbers https://www.project-syndicate.org/commentary/fed-low-inflation-more-stimulus-by-j–bradford-delong-2017-06: BERKELEY – In...
View ArticleWhy Low Inflation Is No Surprise: Fresh at Project Syndicate
Project Syndicate: Why Low Inflation Is No Surprise by J. Bradford DeLong: BERKELEY – The fact that inflation has remained stubbornly low across the global North has come as a surprise to many economic...
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