Economist's View: Fed Watch: Japan Again?
Tim Duy states the differences between Japan in the 1990s and the US today and what that means for monetary policy, and he follows up on earlier comments on Fed independence: Japan Again?, by Tim Duy: I understand the temptation to compare the current US situation to that of Japan in the 1990’s, as the combination of equity and property bubbles appears eerily familiar. Indeed, I would not disparag
Economist's View: Menu Invariant Neurons and Transitivity
Interesting. Transitivity may be hard-wired: Neurons in the frontal lobe may be responsible for rational decision-making, EurekAlert: You study the menu at a restaurant and decide to order the steak rather than the salmon. But when the waiter tells you about the lobster special, you decide lobster trumps steak. Without reconsidering the salmon, you place your order—all because of a trait called “t
Economist's View: Milton Friedman: Why Money Matters
The publication date, November 17, 2006, on this commentary from Milton Friedman appearing in the Wall Street Journal is correct. Here's part of the accompanying editorial: Capitalism and Friedman, Editorial, WSJ: There are some public figures whose obituaries can be written years in advance. Milton Friedman was not one of them. ... He died yesterday at the age of 94, but as the op-ed running near
Economist's View: Money and Inflation
Getting ready for class tomorrow and was reminded of this graph from Mishkin's text: The graph shows two things. First, it shows the long lag between changes in the money supply and changes in the inflation rate. There is a close association between inflation and the growth rate in M1 two years earlier. When the supply shocks of the 1970s are accounted for, the association is even closer. Second,
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Economist's View: The Financial Crisis, the Current Economy, and the Economic Outlook
Economist's View: Productivity and Unit Labor Costs
Economist's View: Manufacturing Employment and Extended Mass Layoffs
Economist's View: Shocks to Uncertainty
Economist's View: Asymmetric Loss Functions
Economist's View: FRBSF: The Economic Outlook
Economist's View: Fed Watch: Like a Broken Record
Economist's View: FRBSF: The Economic Outlook
Economist's View: Looking for Risk in All the Wrong Places
Economist's View: Paul Krugman: Economic Storm Signals