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David Andolfatto
10.02.2024
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...
18.07.2023
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 ...
18.03.2023
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...
30.11.2022
The Phillips curve can mean one of two conceptually distinct things (which are sometimes confused). First, the Phillips curve may simply re...
The so-called zero-lower-bound (ZLB) plays a prominent role in modern (and even older) macroeconomic theories. It is often introduced in a...
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, ...
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...
Economists within the Federal Reserve System have been musing about central bank digital currency for a while now. For example, yours truly ...
There's been much welcome discussion of late concerning the sustainability of government budget deficits and whether the size of the public...
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...
Michal Kalecki 1899 - 1970 Sam Levey reminded me of Kalecki's 1943 article on the political aspects of full employment . This a very i...
I was invited recently to take part on a panel discussion on Modernizing Liquidity Provision as part of a conference hosted joi...
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...
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...
The title of this post alludes to a paper written by Tom Sargent and Neil Wallace 40 years ago " Some Unpleasant Monetarist Arithmetic ." Th...
Remarks prepared for P2PFISY Panel Discussion, December 1, 2021 At a conceptual level, CBDC is a compelling idea. It envisions everyone ha...
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...
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...
The Fed's much-anticipated new monetary policy framework is now public. Fed Chairman Jerome Powell outlined the policy framework last week i...
In case you missed it, there's an interesting (and slightly wonkish) debate going on between Olivier Blanchard and Roger Farmer concerning ...
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...
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 ...
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...
There's been much talk about the Phillips curve lately, especially in the wake of Jay Powell's recent testimony before Congress. Many peopl...
My former colleague Howard Wall asked me to join Lawrence White yesterday evening to discuss the role and future of cryptocurrencies at a...
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...
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 ...
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...