Monthly Archives: March 2010
Iraq’s Debt Three Years Later
Three years ago, a study of low and declining prices on Iraq’s debt by Michael Greenstone of MIT helped paint a bleak picture of the effectiveness of the surge, as, for example, in this November 2007 New York Times op-ed … Continue reading
Posted in International Economics
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Quantitative Easing at the Fed and the Bank of Japan
Next Thursday March 25 the House Financial Services Committee will hold a hearing on how the Fed should exit from its quantitative easing. This past week I was in Japan discussing the Japanese experience with QE with traders and experts … Continue reading
Posted in International Economics
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Was the “Considerable Period” or the “Measured Pace” More At Fault?
In his recent review in The New York Review of Books of my book Getting Off Track, Roger Alcaly makes a very interesting point about the “too low for too long” hypothesis, according to which the Fed helped cause the … Continue reading
Posted in Monetary Policy
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Milton Friedman Had It Right All Along
The following is a reasonable summary, in my view, of the available evidence on the impacts of discretionary fiscal and monetary policy actions taken before, during, and after the recent financial crisis: The available evidence…casts grave doubt on the possibility … Continue reading
Posted in Teaching Economics
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Why Did Macro Policy in Emerging Market Countries Improve?
The resilience of emerging market economies severely hit by the panic of 2008 is amazing, especially in comparison with the long emerging market crisis period of a decade ago. I have written that the main explanation for this resilience is … Continue reading
Posted in Regulatory Policy
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Economics One 