As the Federal Reserve Open Market Committee meets today to decide their path for monetary policy, there’s great focus on whether they’ll change a few key words of their guidance language. Specifically, will they drop “considerable time” from the sentence wherein the telegraph their thinking about how long they’ll hold interest rates at around zero? EG,… Read more
It was my privilege last night to give the keynote presentation at the Roosevelt Institute Campus Network’s 10th anniversary party. Why me? Because when they started out a decade ago, I recognized what a great idea they had and tried to help a bit. What they’ve accomplished since then is remarkable and gives me hope for… Read more
They’re pro-growth, equalizing policies and they’re the subject of a paper I’m discussing tomorrow in NYC at a conference hosted by the great Joe Stiglitz and the Roosevelt Institute. But OTE’ers get the first look at a draft!
Over at PostEverything. Bonus for OTE’ers: here’s an update of a figure I made awhile ago tracking Eurozone GDP, government spending (both in real terms), and unemployment. What I find revealing here is the fairly clear–for this sort of thing–initial increase in public spending to offset the downturn and the subsequent stabilization of GDP and… Read more
The work of the late economist Hyman Minsky has become increasingly relevant in recent years, as his understanding of the fragility of financial markets and their role in bubbles and busts was both deep and prescient. Other economists generally viewed financial markets as playing not much more than an intermediary function, passively allocating excess savings… Read more