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Is Monetary Policy Sufficiently Restrictive? | Economics One
The President of the Federal Reserve Bank of St. Louis, James Bullard, posted a very clear analysis of this question, addressing whether the Federal Reserve had raised the federal funds interest rate enough. The title of his analysis is what I used to title this blog. His analysis is based primarily on the Taylor Rule.…
Great Hearing at the House Budget Committee | Economics One
Yesterday to travelled to Washington, DC and testified at the Cannon House Office Building before the House Committee on the Budget. The Chairman was Jodey Arrington, the Ranking Member was Brendan Boyle, and many other members of the Committee on the Budget were there for the very important topic “The Fiscal State of the Union.” …
The Best Ten Online Stanford Courses — All on edX | Economics One
Here are the ten courses that have been chosen by https://mashable.com/uk/deals/best-free-online-courses-stanford-university as the best Stanford University courses to take online. And Economics 1 at Stanford https://www.edx.org/course/principles-of-economics is on the list. They are all on edX. As they say: "All products featured are independently selected by the editors and writers."
Great Bloomberg Interview: Now How to Get Back | Economics One
In a Bloomberg TV interview today, Romaine Bostick @romainebostick and Scarlet Fu @scarletfu asked me great questions about the just-released inflation rate and the implications for Fed policy. During the interview, which goes for about 7 minutes from 3:50 to 11:13, I argued that the Fed was not done, that they needed to raise the…
A Very Big 15-Year Anniversary | Economics One
We just reached a big anniversary: “Economic Policy Working Group Reaches 15-Year Milestone in Providing Rigorous Policy Analysis and Solutions for American Prosperity,” as the Hoover Daily Report headlined in a just-published article. Here is the article https://www.hoover.org/news/economic-policy-working-group-reaches-15-year-milestone. It provides a beautiful summary of the people, seminars, working papers, and, of course, the books. And…
Four Talks and More Thoughts on Fed and Policy | Economics One
This week, on January 4, 2023, John Cochrane, Mickey Levy, Kevin Warsh & I spoke by Zoom at a policy roundtable on the increase in inflation and possible causes at the Hoover Economic Policy Working Group. It was an important follow-up to a meeting we held a year ago on January 5, 2022. Each of…
Triple Take with Hyde, Riggs, Basak, & Taylor Rule | Economics One
Good in-depth interview on Bloomberg’s Triple Take with me fielding terrific questions from Caroline Hyde, Taylor Riggs, & Sonali Basak about Taylor Rule, Fed’s being behind curve, and how to get back. Video ointerview is here from 0.25 to 13.05 minutes: https://www.bloomberg.com/news/videos/2022-09-01/bloomberg-markets-triple-take-09-01-2022?in_source=video-show_5_play-episode
40 Years of Lessons Learned: Jackson Hole 1982 & 2022 | Economics One
The stock market reaction to the Kansas City Fed meeting in Jackson Hole today was not so pleasant. The Dow Jones Industrial Average was down over 1,000 points or by over 3 %. The S&P 500 was down 3.4 percent. The markets started to fall with Chairman Powell's speech in which he said "We must keep…
A New-Old Critique of Monetary Policy | Economics One
Today, John Cochrane, Mickey Levy, Kevin Warsh & I spoke at a roundtable discussion on the Fed's monetary policy at the Hoover Economic Policy Working Group. Cochrane talked about the fiscal side, Levy about the best inflation measures, Warsh about regime change, and I talked about the big deviations in policy from standard monetary policy…
John Taylor’s Formula for the Fed | Economics One
Informative NPR interview and discussion with me https://www.npr.org/2022/11/02/1133720724/john-taylors-formula-for-the-fed conducted by Darian Woods and Mary Childs on the Fed's decision to raise rates and the Taylor Rule. Good questions and good answers with excerpts from Jay Powell and Janet Yellen. Here is the https://www.npr.org/transcripts/1133720724.
Rules are Back In The Monetary Policy Report | Economics One
Last March, I quoted Federal Reserve Chair Jerome Powell on this Economics One blog post https://economicsone.com/2022/03/03/well-have-it-in-the-next-one-well-bring-them-back-for-the-july-said-chair-powell-at-the-house-yesterday-and-at-the-senate-today/ from his March 2 and March 3 testimony at the House and Senate that “WE’LL HAVE IT IN THE NEXT ONE.” He was responding to questions at hearings of the House Financial Services Committee on March 2 and of…
“WE’LL HAVE IT IN THE NEXT ONE,” “WE’LL BRING THEM BACK FOR THE JULY,” said Chair Powell at the House yesterday and at the Senate today | Economics One
At hearings of the House Financial Services Committee yesterday, and of the Senate Banking Committee today, Fed Chair Jerome Powel was asked about why he and the Federal Reserve Board omitted the section on monetary policy rules in the just released February 2022 Monetary Policy Report. In fact, the Fed’s Monetary Policy Report sent to…
Essays in Honor of Marvin Goodfriend: Economist and Central Banker | Economics One
A beautiful book, edited by Robert King and Alexander Wolman, https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/goodfriend/essays_marvin_goodfriend.pdf with original essays in tribute by Alfred Broaddus Jr., Donald Kohn, William Poole, Kartik Athreya and Stephen Williamson, Ben Bernanke, Michael Bordo and Edward Prescott, Douglas Diamond, Michael Dotsey, Andreas Hornstein, and Alexander Wolman, Huberto Ennis and John Weinberg, Vitor Gaspar and Frank Smets,…
New Book on the Fed and Recent Monetary Policy | Economics One
The book is entitled HOW MONETARY POLICY GOT BEHIND THE CURVE -- AND HOW TO GET BACK and is based on conference held on May 6. The conference is described here: https://economicsone.com/2022/05/08/monetary-policy-got-behind-the-curve-how-to-get-back/ The book on the conference has many insightful papers, great commentary, and excellent press coverage. Current and former Federal Open Market Committee Members…
Monetary Policy Got Behind the Curve, How to Get Back | Economics One
On Friday May 6, we held our annual Monetary Policy Conference at the Hoover Institution at Stanford. This year it was entitled: “How Monetary Policy Got Behind the Curve and How to Get Back,” and the title turned out to describe the theme of the conference, the papers presented, and the discussion from the audience…
Play By The Rules | Economics One
Federal Reserve Chair Jerome Powell’s testimony at the House and Senate this week again had much to say about monetary policy rules. The focus on policy rules is encouraging, as it is a way to both get back on track and prevent further harmful deviations in the future, as was the focus of our recent…