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We Still Have Our Work Cut Out For Us

posted to Macro and Other Market Musings on Thu 9th Sep 10

Sigh. The Wall Street Journal had a symposium on monetary policy where it asked six prominent monetary economists what the Fed should do next. Via Mark Thoma we see that five out of six responded with answers that effectively amount to a tightening of
What a Mess

posted to Macro and Other Market Musings on Wed 8th Sep 10

Dhaval Joshi awhile back discussed the $4 trillion dollar mortgage problem:Can the US economy really return to business as usual when it has 4 million houses surplus to requirement, when 1 out of 4 mortgages are in negative equity, and when by our calculation,
Gouge Away

posted to Macro and Other Market Musings on Wed 8th Sep 10

James Kwak is incensed at how ECON 101 has warped people into thinking it is appropriate to let prices rise following a sudden shortage in supply, such as after a natural disaster. He decries the fact that "Econ 101 is diametrically opposed to human beings

Global Nominal Spending History

posted to Macro and Other Market Musings on Wed 4th Nov 09

As someone who believes that stabilizing nominal spending rather than inflation is key to macroeconomic stability, I have taken the liberty in the past to reframe U.S. macroeconomic history according to this perspective. Thus, I renamed (1) the "Great Inflation"
Cleveland Fed: It's Not Looking Good

posted to Macro and Other Market Musings on Tue 29th Jun 10

The Cleveland Fed has launched a new website that will provide on a monthly basis estimates of expected inflation over various horizons. These estimates are supposed to be cleaner than those coming from Treasury inflation-protected securities (TIPS) which are
Krugman, Mankiw, and the U.S. as an OCA

posted to Macro and Other Market Musings on Fri 7th May 10

Paul Krugman has an interesting column today where explains the Greece and Eurozone crisis from the optimal currency area (OCA) framework. Greg Mankiw also likes the OCA framework, but takes issue with Krugman's emphasis on the lack of a centralized fiscal

Wednesday links: cool dividends

posted to Abnormal Returns on Wed 8th Sep 10

What the contraction and expansion in the market’s P/E ratio tells us about investor mood. (Big Picture)Are dividends now cool? (Crossing Wall Street)Where the Obama stock market stands relative to other administrations. (Bespoke)The good (gold) and bad
links for 2010-09-07

posted to Economist's View on Tue 7th Sep 10

Listening To The Bond Market -- Or Not - Paul KrugmanMaking a Market for Pollution - Scientific AmericanDon't raise the Social Security retirement age cont'd - Ezra KleinKansas City, Dallas Feds Called for Rate Increase - Real Time EconomicsThe house price
links for 2010-09-03

posted to Economist's View on Fri 3rd Sep 10

Economic consequences of speculative side bets: naked CDS - voxeuLow for long: A risky but necessary interest rate policy - voxeuHow illegal immigrants are helping Social Security - Edward Schumacher-MatosPayroll Tax Holiday with a Twist - David BeckworthThe