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When the Phillips Curve idolizers get tricked!
By paying attention to the very “top”, they miss the “tumbling action at the bottom”! And firmly believe that what´s (temporarily) constraining inflation from climbing to target is the behavior of oil...
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Mervyn & Marvin botch it!
Mervyn King and Marvin Goodfriend presented their review of the Riksbank’s monetary policy 2010-2015 on January 19. Lars Svensson did not like what he read: They provide some severe and justified...
View Article“Close to, but below, 2%”: the ECB inflation ceiling. Its epitaph?
A James Alexander post Of course we welcomed Mr Draghi’s willingness to ease monetary policy announced with at the January ECB meeting last week. And we recognised the positve impact on markets and...
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George Selgin And Me
A Benjamin Cole post George Selgin, free banker, and one of the most intelligent and enjoyable luminaries in the entire econo-blogo-sphere, took issue with a December 20 post of mine, Zombie Economics...
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Where has UK NGDP gone?
A James Alexander post I need to apologise. On 23rd December I was asleep on the job of monitoring UK NGDP. Having posted in October on the collapsing proxy for UK NGDP in 3Q15, “Nominal GVA”, and then...
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Where does monetary policy enter the Fed´s equation?
To them, inflation, or its absence, is purely a cost phenomenon, pushed up or down by oil prices and/or the dollar and unemployment! Worse, they insist on reasoning from a price change! From the...
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Disappearing UK NGDP growth: the culprit
A James Alexander post According to the UK Office for National Statistics (ONS) the reason for the heavy downward revisions to UK NGDP are due to heavy downward revisions to the implied GDP Deflator....
View ArticleTime For Central Banker Global Summit And Policy Shift
A Benjamin Cole post And so the Bank of Japan becomes the latest monetary policy-making body to introduce negative interest rates, in what has been a years-long yet curiously feeble battle by global...
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So many culprits!
That´s what you get when you do GDP component analysis. Sounds smart but is utterly useless: Macroeconomics should be about aggregates, not components of spending. Yes, changes occurring in the...
View ArticleThe Fed Shows Class Bias?
A Benjamin Cole post In general, the “class glass” is a poor lens for analyzing U.S. politics and macroeconomic policies. To be sure, the nation has interest-group politics in spades, and groups are...
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