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Tyler Cowen has a post entitled “Is Abenomics Working?” The first line of the post says: Japan’s economy grew by 0.7% in 2013, down from an initial estimate of 1%. That reflects the year over year figures, which makes the “in 2013” phrasing slightly misleading. The rate is quite low because Japanese RGDP was falling in 2012, before Abenomics was enacted. A better test would be 4th quarter over 4
I tried to put together a short intro course on money for students who have already studied basic macroeconomics. It consists of nine posts: 1. Money matters a lot. (and non-monetary shocks don’t matter as much as you’d think.) 2. Why does money matter? 3. Money and inflation, pt. 1: The long twilight of gold. 4. Money and inflation, pt. 2: Why does fiat money have value? 5. Money and infl
I just saw Richard Clarida on CNBC, saying something to the effect that “The bond market is doing the Fed’s job for it”. No, no, a thousand times no!!! Interest rates are not monetary policy. Interest rates plunged in 2008, but the bond market wasn’t doing the Fed’s job for it. Interest rates plunged in 1929-32. Interest rates are not monetary policy. Cameron Blank direct me to this Jason Furman t
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