Category Archives: Monetary Policy

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

Posted in Fiscal Policy and Reforms, Monetary Policy, Regulatory Policy | Leave a comment

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

Posted in Fiscal Policy and Reforms, International Economics, Monetary Policy | Leave a comment

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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A Fast and Fun Way to Learn about Rules Versus Discretion

The Hoover Institution has initiated a fascinating Perspectives on Policy video series in which experienced experts give clear explanations of key policy issues assisted by the latest in animation technology. This is not the typical video of talking heads as … Continue reading

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Central Bank Independence Is Not Enough

Four former chairs of the Fed  wrote in the Wall Street Journal today about the importance of Fed independence. I agree, but their article should have emphasized that independence is not enough.  Economic performance has been affected by large shifts … Continue reading

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Africa Meeting of Econometricians: History, Revival and Ways Forward

I just spent a wonderful few days at the 2019 Africa Meeting of the Econometric Society held in Rabat, Morocco with the central bank, the Bank Al-Maghrib, providing an excellent venue.  Congratulations to the Bank Al Maghrib for its 60th … Continue reading

Posted in Financial Crisis, Monetary Policy | Leave a comment

Recent Decisions and Rules of the Fed

Last week, after attending monetary policy conferences at Stanford, Chicago and Frankfurt, I put forth evidence in EconomicsOne.com of a revival of research on monetary policy rules for the instruments, whether at the conferences, in research papers, or in Fed publications. … Continue reading

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Three Attributes of a Sustainable Open and Stable Global Order

The IMF/World Bank meetings were held in Bali last week. In addition to the many good beaches there were many good panels including one I was on with Mark Carney and Agustin Carstens. It was organized by the Group of … Continue reading

Posted in International Economics, Monetary Policy | Leave a comment

Econ 1, Tiger Woods, and the Crisis@10

Today is the first day of the fall quarter at Stanford, and I begin teaching Economics 1, the introductory economics course, and the course after which this blog is named. The first day is always exciting, especially with many first-year … Continue reading

Posted in Financial Crisis, Monetary Policy, Slow Recovery, Teaching Economics | Leave a comment

Turkey Tantrum Contagion Not Automatic, Rather Policy Dependent

Many have been talking about possible international contagion of the financial crisis in Turkey, and Peter Coy touched on the key issues in yesterday’s Bloomberg piece. Recent economic history and theory offer powerful lessons about contagion. Most important is that … Continue reading

Posted in Financial Crisis, Monetary Policy, Teaching Economics | Leave a comment