Evidence that central bankers cannot be trusted
There’s a great new Wall Street Journal article that begins as follows: In the seven years since the world’s central banks responded to the financial crisis...
Author : TheMoneyIllusion
Don’t tell me the facts, I’ve already made up my mind
On some days that’s my impression of the economics profession. They’ve made up their minds that the financial crisis (not tight money) caused the recession....
Pay/productivity gap graphs are nonsense
Matt Rognlie left three excellent comments after my previous post, which confirmed some of my suspicions, but also cleared up a few points I was...
Gavyn Davies on 4 types of shocks
James Alexander pointed me to a fascinating piece by Gavyn Davies in the FT. In this table, he summarizes the impact of 4 types of...
The very real problem of wage inequality
A commenter pointed me to Krugman’s recent post on inequality, expecting me to respond that income inequality is meaningless. Well income inequality is meaningless, but...
Andrew Levin on Fed policy
Soon after I finished reading Larry Summers’ powerful argument against monetary policy tightening, Marcus Nunes sent me an equally powerful piece by Andrew Levin, who...
What the RBA can and cannot do
Australia has a central bank (the RBA) that is reluctant to cut the cash rate further to avoid ‘financial instability’ due to (as Marcus says)...
Should soothsayers be regulated?
I have a new post at Econlog that is far more important that this throwaway effort. I also recommend a recent post on China by...
Australia needs an NGDP futures market
The Wall Street Journal sees Australia skirting on the edge of a recession: SYDNEY—From the vast mining pits that dot Australia’s arid northwest to the...
Your job has never been safer
Commenter Matt directed me to some interesting data on unemployment by duration. The government looks at people unemployed less that 5 weeks, 5 to 14,...