Monthly Archives: March 2015

Pascal, academia and Bernanke

Ben Bernanke’s new blog has gripped the Econternet. Bernanke has argued that the US economy is not experiencing secular stagnation.  Sooner or later, warranted real interest rates will rise above -2 per cent, and the Fed will be free to … Continue reading

Posted in Uncategorized | Leave a comment

Cecchetti and Schoenholtz on raising the inflation target

Mark Thoma sent round this interesting post from Cecchetti and Schoenholtz’s blog, [CS] asking whether 2% inflation targets were still appropriate.  In a nutshell, they argue that if central banks were starting over, they should pick a higher number.  But … Continue reading

Posted in Uncategorized | 1 Comment

Ruling out ruling out [changes in taxes and spending]

Karl Whelan commented on Twitter, after the ‘ruling out’ tax change competition was replayed on Newsnight, that this might be the worst general election campaign ever.  I think he and I are too young to comment on that authoritatively, but … Continue reading

Posted in Uncategorized | Leave a comment

Peston graded a zero on non-zero zero bound.

Despite the evident contradiction in further blogging, given my ‘why bother?’ post, I thought I would explain why I tweeted ‘er, no’ in response to a blog by Robert Peston [UK BBC Economics Editor] on issue of whether the zero … Continue reading

Posted in Uncategorized | Leave a comment

Discord about econ discourse

Danny Blanchflower remarked on Twitter that UK economic discourse lacked much engagement from academics. This was a follow-up to a Paul Krugman post where he disparaged UK economic discourse, and used as his metric the fact that there was a … Continue reading

Posted in Uncategorized | 8 Comments

Eurozone QE: features and bugs

Daniela Gabor at UWE tweeted an interesting article on Reuters describing troubles in money markets due to a ‘shortage’ of high quality sovereign bonds in the Eurozone.  The proximate cause is the launch of the ECB’s quantitative easing program.  The … Continue reading

Posted in Uncategorized | 2 Comments

Price level shocks and bottom up theories of inflation

I think the ‘price level shock’ fallacy is related to another fallacy that we can divine the causes and future of inflation by adding up individual price series. The price/level/inflation shock categorizer like Ian McCafferty thinks to himself: ‘oil prices … Continue reading

Posted in Uncategorized | 1 Comment