Search Results for: inflation

Rajan Calls Krugman “Paranoid” for Criticizing Reinhart and Rogoff’s Research

By William K. Black This article discusses a simmering feud among five of the most prominent economists in the world (two of them Nobel Laureates).  It was prompted by the August 8, 2013 article by Raghuram Rajan, who has just … Continue reading

Escaping from the Friedman Paradigm

By Dan Kervick Paul Krugman made a remarkable assertion last week about the dwindling legacy of Milton Friedman: … Friedman has vanished from the policy scene — so much so that I suspect that a few decades from now, historians of economic … Continue reading

The Two-Headed Central Bankista Coin

By Stephanie Kelton Like all good Central Bankistas, Charles Evans (Chicago Fed) and Dennis Lockhart (Atlanta Fed) insist that if the Fed isn’t achieving its stated (employment and inflation) objectives, then it just isn’t doing monetary policy the right way.  … Continue reading

The Age of the Maestros Must End

By Dan Kervick Matt Yglesias makes two very important points this morning in a post about the ongoing debate over Ben Bernanke’s successor as Fed Chair.  The first is that “a great big country like the United States should probably put its central … Continue reading

Some Thoughts on the Dual Mandate: Right Goals, Wrong Agency?

By Stephanie Kelton The statutory objectives for monetary policy known as the “dual mandate” were imposed by Congress as part of the the Federal Reserve by Act of 1913.  The mandate charges the Federal Reserve with responsibility for achieving two … Continue reading

Doctrine of Mathematical Impossibilities

By J.D. Alt There’s a joke about a farmer and his pig. The pig is covered with a patchwork of large and small Band-Aids. A puzzled visitor asks the farmer: “Why is your pig covered all over with Band-Aids?” “Well,” … Continue reading

Reading Between the Lines: A Memo from Fed Chairman Marriner Eccles

By Marriner Eccles (translation by Stephanie Kelton)  After I shared a few thoughts on the impending decision to replace Ben Bernanke as Chairman of the Federal Reserve, I couldn’t help revisiting the writings of Marriner Eccles.  Eccles was a Republican … Continue reading

The Fed is the Central Bank, and President Obama Should Treat It That Way

By Dan Kervick President Obama will soon name a successor to Ben Bernanke for the position of Chair of the Federal Reserve’s Board of Governors, and Brad Delong recently offered his views on what qualifies someone as a strong candidate … Continue reading

What Would You Have the President Do? Part I, Necessary First Moves

There were varying reactions to the President’s recent speech at Knox College this week. My reaction was that the speech was deeply dishonest in light of the President’s previous policies, actions, and results, and I intended to do a critique, … Continue reading

An MMT vs Austrian Debate Post-Mortem Part III of V: Democracy, Taxes, and the Currency Monopolist

By Rohan Grey [Part I] [Part II] [Part III] [Part IV] [Part V] As mentioned at the end of the preceding section, Murphy’s major outstanding critique of the MMT analysis was that it presumed the existence of a state with … Continue reading