A New Macropolicy Assignment
With central bankers rightly pessimistic about fighting recessions, maybe it is time to give that responsibility to politicians, while keeping central banks in charge of keeping inflation at target. At…
The Bond Market Tells The Fed What To Do, Not Vice-Versa
Photo Credit: Tulane Public Relations || James Carville wants to be “reincarnated” as the bond market, to scare everyone — boo!I was reading this article at Reuters, and musing at…
Global growth report card: world slowdown causes concern
Last month, the global report card concluded that world economic activity was expanding at a roughly constant growth rate, with a slowdown in the US and China being offset by…
Who is right about the equilibrium interest rate?
The equilibrium real interest rate continues to lie at the heart of discussions about economic policy in the US and elsewhere. Ben Bernanke has written that the equilibrium rate, and…