Setting the record straight on interest rates.
On the menu today: FOMC December meeting, the dollar’s global-reserve status, a theory of IPO pops, and a look at yield-curve control in the mid 20th century.
On the menu today: Stocks, ultra-low rates and rising risks, fleeing to Uruguay, vaccine-vulnerable stocks, the value of “green jobs,” ghosts and more.
On the menu today: Negative interest rates, “stakeholder capitalism,” Illinois taxes, the EU’s Green New Deal, magic, math, money, and Sir Isaac Newton.
The Fed's new monetary framework is long overdue, but the central bank may prove incapable of hitting its inflation target.
The Federal Reserve is an instrument of Congress, and should act as such.
The Fed is probably right to think that the Phillips curve has currently lost much of its predictive value.
Pandemic lockdowns add pressure for a ban on cash. That could lead central banks to adopt negative interest rates.
What’s the point of characterizing the stance of monetary policy as “loose,” “tight,” or “neutral”? Presumably as a guide to what the policy should be.
The stance of monetary policy is better measured by whether spending growth is accelerating or decelerating.