Monthly Archives: April 2014
Deleting Vice and Other Revisions in Monetary Lectures
Yesterday I finished my course on Monetary Theory and Policy for this year’s 1st year PhD students at Stanford. I have been teaching in the 1st year PhD core for a long time and it gets more interesting each year. (Technically speaking … Continue reading
Posted in Teaching Economics
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Debate Heats Up: Re-Normalize or New-Normalize Policy
Last week’s IMF conference on Monetary Policy in the New Normal revealed a lot of disagreement on the key issue of where policy should be headed in the future. A dispute that broke out between me and Adair Turner is one … Continue reading
Posted in Monetary Policy
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A First Meeting of Old and New Keynesian Econometric Models
Lawrence Klein who died last October at age 93 is most remembered for the “creation of econometric models and the application to the analysis of economic fluctuations and economic policies” as the Nobel Prize committee put it in the 1980 … Continue reading
Posted in Teaching Economics
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New Research Bolsters Link from Policy Uncertainty to Economy
Some continue to blame the great recession and the weak recovery on some intrinsic failure of the market system, the latest supposed market failure being a so-called “secular stagnation” due to a dearth of investment opportunities and glut of saving. … Continue reading
Posted in Slow Recovery
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Transparency for Policy Wonks
This week the Federal Reserve Board posted for the first time its FRB/US policy evaluation model and related explanatory material on its website. This new transparency is good news for researchers, students and practitioners of monetary policy. Making the model available … Continue reading
Posted in Monetary Policy
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Economics One 