Category Archives: Monetary Policy
New Book on the Fed and Recent Monetary Policy
The book is entitled HOW MONETARY POLICY GOT BEHIND THE CURVE — AND HOW TO GET BACK and is based on conference held on May 6. The conference is described here: https://economicsone.com/2022/05/08/monetary-policy-got-behind-the-curve-how-to-get-back/ The book on the conference has many insightful … Continue reading
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Triple Take with Hyde, Riggs, Basak, & Taylor Rule
Good in-depth interview on Bloomberg’s Triple Take with me fielding terrific questions from Caroline Hyde, Taylor Riggs, & Sonali Basak about Taylor Rule, Fed’s being behind curve, and how to get back. Video ointerview is here from 0.25 to 13.05 … Continue reading
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40 Years of Lessons Learned: Jackson Hole 1982 & 2022
The stock market reaction to the Kansas City Fed meeting in Jackson Hole today was not so pleasant. The Dow Jones Industrial Average was down over 1,000 points or by over 3 %. The S&P 500 was down 3.4 percent. … Continue reading
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“The Most Reckless Monetary Policy Since Arthur Burns”
Today the Editorial Board of the Wall Street Journal wrote that the Federal Open Market Committee has shown “little interest in reeling in what has been the most reckless monetary policy since Arthur Burns roamed the Eccles Building.” Last month … Continue reading
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Monetary Policy a Half Century Ago, and Now
Today I published an article in Project Syndicate. It starts with a memo sent fifty years ago, on June 22, 1971, by Fed Chair Arthur Burns to President Richard Nixon. Inflation was rising and Burns wrote to Nixon that the … Continue reading
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Amazing New Facts About the 2007-2009 Global Financial Crisis
This week Raghu Rajan spoke at the Hoover Economics Policy Working Group on “Going the Extra Mile: Distant Lending and Credit Cycles” a joint paper João Granja and Christian Leuz. Here is a video of his presentation https://www.hoover.org/events/policy-seminar-raghuram-rajan-1 along with … Continue reading
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The Impact of the Pandemic and Lasting Lessons for Teaching Economics
Yesterday, I gave a keynote talk at the tenth American Economic Association Conference on Teaching and Research in Economic Education (CTREE). I have been teaching economics for 53 years. I love teaching economics. I love researching economics. And I love … Continue reading
Electronic-Commerce, Non-Store Sales and the Pandemic
Last week at the American Economic Association meetings, held online, many papers focused on Covid-19. A good example was the session organized by Dominick Salvatore which included Jan Eberly, Raghu Rajan, Carmen Reinhart, Joe Stiglitz, Larry Summers, and me. Most … Continue reading
Macroeconomic Modelling of Pandemics at Warp Speed
A pressing research issue with deep policy relevance concerns how econometric models should be adapted, changed, or modified in light of the COVID-19 pandemic. A new Webinar series–Macroeconomic Modelling and Pandemics–has been created to examine this issue, to exchange views … Continue reading
A Conference That Would Have Been and Still Will Be
Two months ago, on March 14, 2020, we cancelled our annual Hoover monetary policy conference at Stanford on “Central Bank Strategy Reviews and Their Global Impact” then scheduled for May 1, 2020. The reason was that Stanford declared that “university … Continue reading
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Economics One 