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David Andolfatto
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Economy

David Andolfatto - Economy

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David Andolfatto

18.03.2025

MacroMania: The End

I started this blog back in 2008. What a ride it's been! Thanks to all who took the time to interact with me -- I profited greatly from the ...

David Andolfatto

21.11.2024

MacroMania: Blanchard on Trumponomics

How will Trumponomics work out? This is a question that many people are asking, including Olivier Blanchard (see here ). Blanchard focusses ...

David Andolfatto

10.02.2024

MacroMania: Does high-interest policy constitute fiscal stimulus?

I haven't had much time to blog lately, but I thought I'd weigh in on an interesting discussion I see brewing in Twitterland. The macroecono...

David Andolfatto

18.07.2023

MacroMania: Constrained efficient inflation

I haven't had time to do much blogging lately. But I have been studying the recent burst of inflation and thinking of how to interpret what ...

David Andolfatto

18.03.2023

MacroMania: There's No Free Lunch or: How I Stopped Worrying and Learned to Not Hate Inflation

Remember when the Fed's most pressing policy concern was missing their 2% inflation target from below for most of the decade following the f...

David Andolfatto

30.11.2022

MacroMania: Blanchard and Farmer on the Phillips Curve

In case you missed it, there's an interesting (and slightly wonkish) debate going on between Olivier Blanchard and Roger Farmer concerning ...

David Andolfatto

30.11.2022

MacroMania: Is the U.S. budget deficit sustainable?

The U.S. federal budget deficit for 2018 came in just shy of $800 billion, or about 4% of the gross domestic product (the primary deficit, ...

David Andolfatto

30.11.2022

MacroMania: Kalecki on the Political Aspects of Full Employment

Michal Kalecki 1899 - 1970 Sam Levey reminded me of Kalecki's 1943 article on the political aspects of full employment . This a very i...

David Andolfatto

30.11.2022

MacroMania: Labor Force Participation Gaps Between the U.S. and Canada

Am hearing some talk about whether the U.S. labor market can fully recover to its pre-Covid19 levels. Is it possible that a sizeable number ...

David Andolfatto

30.11.2022

MacroMania: Is it time for some unpleasant monetarist arithmetic?

The title of this post alludes to a paper written by Tom Sargent and Neil Wallace 40 years ago " Some Unpleasant Monetarist Arithmetic ." Th...

David Andolfatto

30.11.2022

MacroMania: Some Thoughts on the Fed's CBDC Report

Economists within the Federal Reserve System have been musing about central bank digital currency for a while now. For example, yours truly ...

David Andolfatto

30.11.2022

MacroMania: On the Necessity and Desirability of CBDC

Remarks prepared for P2PFISY Panel Discussion, December 1, 2021 At a conceptual level, CBDC is a compelling idea. It envisions everyone ha...

David Andolfatto

30.11.2022

MacroMania: A Natural Rate of Interest

This post was motivated by a conversation with Eric Lonergan. It began with a simple question: what should be the interest rate paid on rese...

David Andolfatto

30.11.2022

MacroMania: What economic model produces the Fed's inflation forecast?

John Cochrane's blog has always been a favorite of mine. It's provocative. It's entertaining. And it invariably leads me to reflect on a var...

David Andolfatto

30.11.2022

MacroMania: Does the Phillips Curve Live in Europe?

There's been much talk about the Phillips curve lately, especially in the wake of Jay Powell's recent testimony before Congress. Many peopl...

David Andolfatto

30.11.2022

MacroMania: EEA-ESEM Panel: Macroeconomic Consequences of the Pandemic

I was recently asked whether I'd like to share my thoughts on monetary policy in a post-pandemic world. Sure, why not? Thanks to Jan Eckhout...

David Andolfatto

30.11.2022

MacroMania: The Chicago Booth Survey on MMT

I want to say a few things about Chicago Booth's recent survey questions posed to a set of economists; see here . The survey asked how stro...

David Andolfatto

30.11.2022

MacroMania: Why the Fed Should Create a Standing Repo Facility

I was invited recently to take part on a panel discussion on Modernizing Liquidity Provision as part of a conference hosted joi...

David Andolfatto

30.11.2022

MacroMania: The Phillips Curve in Recession and Recovery

The Phillips curve can mean one of two conceptually distinct things (which are sometimes confused). First, the Phillips curve may simply re...

David Andolfatto

30.11.2022

MacroMania: A Journey in Macroeconomic Thinking

I've been thinking a bit lately about theories of the business cycle (a lot of time for reflection in these days of COVID-19). At least, the...

David Andolfatto

30.11.2022

MacroMania: On the Role and Future of Cryptocurrencies

My former colleague Howard Wall asked me to join Lawrence White yesterday evening to discuss the role and future of cryptocurrencies at a...

David Andolfatto

30.11.2022

MacroMania: Cochrane on why debt matters

The stock of national debt is now larger than our annual national income in the United States. Is this something to worry about? Does it mat...

David Andolfatto

30.11.2022

MacroMania: A conversation with Eric Tymoigne on MMT vs SMT

There are a lot of moving parts to the MMT program. I want to focus on one of these parts today: the relation between monetary and fiscal...

David Andolfatto

30.11.2022

MacroMania: Cochrane on debt II

Yesterday, I posted a reply to John Cochrane's Sept 4 post on the national debt. John alerted me to his Sept 6 update, which I somehow mis...

David Andolfatto

30.11.2022

MacroMania: Run-Proof Stablecoins

A stablecoin (SC) is a financial structure that attempts to peg the value of its liabilities (or a tranched subset of its liabilities) to an...

David Andolfatto

30.11.2022

MacroMania: Is the ZLB an economic or legal constraint?

The so-called zero-lower-bound (ZLB) plays a prominent role in modern (and even older) macroeconomic theories. It is often introduced in a...

David Andolfatto

30.11.2022

MacroMania: Sustainable deficits

There's been much welcome discussion of late concerning the sustainability of government budget deficits and whether the size of the public...

David Andolfatto

30.11.2022

MacroMania: The Fed's new monetary policy framework

The Fed's much-anticipated new monetary policy framework is now public. Fed Chairman Jerome Powell outlined the policy framework last week i...

David Andolfatto

30.11.2022

MacroMania: Some thoughts on yield curve control

There's been a lot of talk about "yield curve control" (YCC) as of late. I found the recent exchange between Joe Weisenthal and David Beckwo...

David Andolfatto

30.11.2022

MacroMania: The Inflation Blame Game

Inflation is back together with a new season of America's favorite sport: zero-contact, finger-pointing. I thought I'd sit back and share a ...

home›David Andolfatto›Economy

David Andolfatto - Economy

MacroMania: The End

MacroMania: Blanchard on Trumponomics

MacroMania: Does high-interest policy constitute fiscal stimulus?

MacroMania: Constrained efficient inflation

MacroMania: There's No Free Lunch or: How I Stopped Worrying and Learned to Not Hate Inflation

MacroMania: Blanchard and Farmer on the Phillips Curve

MacroMania: Is the U.S. budget deficit sustainable?

MacroMania: Kalecki on the Political Aspects of Full Employment

MacroMania: Labor Force Participation Gaps Between the U.S. and Canada

MacroMania: Is it time for some unpleasant monetarist arithmetic?

MacroMania: Some Thoughts on the Fed's CBDC Report

MacroMania: On the Necessity and Desirability of CBDC

MacroMania: A Natural Rate of Interest

MacroMania: What economic model produces the Fed's inflation forecast?

MacroMania: Does the Phillips Curve Live in Europe?

MacroMania: EEA-ESEM Panel: Macroeconomic Consequences of the Pandemic

MacroMania: The Chicago Booth Survey on MMT

MacroMania: Why the Fed Should Create a Standing Repo Facility

MacroMania: The Phillips Curve in Recession and Recovery

MacroMania: A Journey in Macroeconomic Thinking

MacroMania: On the Role and Future of Cryptocurrencies

MacroMania: Cochrane on why debt matters

MacroMania: A conversation with Eric Tymoigne on MMT vs SMT

MacroMania: Cochrane on debt II

MacroMania: Run-Proof Stablecoins

MacroMania: Is the ZLB an economic or legal constraint?

MacroMania: Sustainable deficits

MacroMania: The Fed's new monetary policy framework

MacroMania: Some thoughts on yield curve control

MacroMania: The Inflation Blame Game

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