Is Government Spending Too Easy an Answer? (Published 2009)
WHEN the Obama administration finally unveils its proposal to get the economy on the road to recovery, the centerpiece is likely to be a huge increase in government spending. But there are ample reasons to doubt whether this is what the economy needs. Arguably, the seeds of the spending proposal can be found in the classic textbook by Paul A. Samuelson, “Economics.” First published in 1948, the bo
Greg Mankiw's Blog: The Disappearing Money Multiplier
Econ prof Bill Seyfried of Rollins College emails me: Here's an interesting fact that you may not have seen yet. The M1 money multiplier just slipped below 1. So each $1 increase in reserves (monetary base) results in the money supply increasing by $0.95 (OK, so banks have substantially increased their holding of excess reserves while the M1 money supply hasn't changed by much).Thanks. About Me Na
Greg Mankiw's Blog: What is the Fed to do?
This picture from Paul Krugman is deeply troubling. It shows the real interest rates on corporate bonds, with the expected rate of inflation from the spread between 20-year TIPS and 20-year Treasury rates. The Fed is supposed to cut real interest rates as the economy weakens, but the opposite seems to be happening. The problem is that the Fed is close to its zero lower bound on the federal funds r
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Greg Mankiw's Blog: Which economic system is better?
Greg Mankiw's Blog: Merry Christmas