Monthly Archives: September 2013
MacroMania on Nominal GDP Targeting and the Taylor Rule
David Andolfatto has a interesting technical piece on MacroMania called “Nominal GDP Targeting and the Taylor Rule” in which he derives a relationship between the two, following up on a point by Chris Waller, director of research at the St. Louis Fed. … Continue reading
Posted in Monetary Policy
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Toward Free Exchange Rather Than Capital Controls
In Capital Controls: Against the Tide, the Economist’s Free Exchange (R.A.) described this week how macroeconomists are getting more and more comfortable with the idea of capital controls. Unfortunately, it’s true. One sign of this trend is that capital controls have … Continue reading
Posted in International Economics
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Detecting the Source of Our Recent Poor Economic Performance
I have been arguing that highly discretionary (versus rules-based) macro policy provides the best explanation for generally poor macroeconomic performance, such as recent years, in comparison with periods of good performance, such as the 1980s and 1990s. This was the … Continue reading
Posted in Financial Crisis, Monetary Policy, Slow Recovery
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Teaching about Ronald Coase and Private Remedies in Economics 1
While reading articles today (NYT, WSJ,…) about Ronald Coase, who died yesterday at the age of 102, I am reminded about how much I have enjoyed over the years explaining his famous ideas to beginning students in my Economics 1 lectures. … Continue reading
Posted in Regulatory Policy
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Economics One 