Stiglitz: Capturing the ECB
A quick post between appointments -- Joe Stiglitz is unhappy with the ECB. He says, "The ECB’s behavior should not be surprising: as we have seen elsewhere, institutions that are not democratically accountable tend to be captured by special interests":...
Old versus New Keynesian Models
In response to Tyler Cowen, if the alternative hypothesis to his null that Old Keynesian models have failed is New Keynesian models, and he has rejected the Old in favor of the New, then I don't have many problems with...
Paul Krugman: Things Are Not O.K.
We seem to have turned the corner, but policymakers should not relax yet -- we still have a long way to go to get back to full employment: Things Are Not O.K., by Paul Krugman, Commentary, NY Times: ...So, about...
Policymakers are Too Anxious to Reverse Course
I am worried that policymakers are too anxious to reverse course. That is, despite recent communications suggesting that policy will remain on hold or even be eased further, I'm worried that the Fed will increase interest rates too soon. In...
Fed Watch: Good News on Employment
Tim Duy: Good News on Employment, by Tim Duy: With only a minimal drag from the government sector, the February employment report shined on the back of a solid gain in private sector hiring: The last couple of months look...
How Did the Fed Get Things So Wrong?
[Busy day today -- teaching then travel -- so another quick "hit and run" post.] A column from a couple of weeks ago: How Did the Fed Get Things So Wrong?, by Mark Thoma: The public’s faith in the Fed’s...
Tight money UK
Biggest monthly drop in M4 broad money since data began in 1982, biggest monthly drop in consumer credit since data began in 1993… (charts via the Bank of England)It’s curious....
Fed Watch: Europe Needs a Real Fiscal Union
Tim Duy: Europe Needs a Real Fiscal Union, by Tim Duy: The rhetoric is heating up as we head into Monday's European Union's summit. On one hand, we see rumors circulating that a deal in the Greek debt talks is...
Fed Watch: Notes on the Fed Meeting
Tim Duy: Notes on the Fed Meeting, by Tim Duy: Just a quick note today – I am swamped with classes and travel this week, and sadly cannot really do justice to the wealth of information provided today by the...
The Fed will Keep Rates at "Exceptionally Low Levels" Through Late 2014
The Press Release describing the decisions of the Fed's monetary policy committee decisions was released this morning, and it is very similar to the press release from its last meeting in mid December with one notable exception. The Fed announced...
Fed Watch: Japan Revisited
Tim Duy: Japan Revisited, by Tim Duy: I haven't had a chance to comment on the recent debate regarding Japan's lost decades, so I am coming to the party a bit late. A view is forming that the situation is...
How Did the Fed Get Things So Wrong?
We are, as they say, live: How Did the Fed Get Things So Wrong? It's about the Fed's mistakes before and during the crisis, and how it might improve going forward.
