Jeff Madrick–whose work I’ve always enjoyed and learned from—misinterprets a recent post of mine, perhaps because I wasn’t clear enough in my exposition. It’s worth revisiting because there are portentous issues embedded in this broader argument. My piece argued while some recent work by the Congressional Budget Office is certainly worthy of critique (and I… Read more
This time, on a particularly hot topic: reversing hysteresis! Over at the NYT Economix blog.
Pardon me for a bit of levity when there’s the very scary threat of war in the headlines (thought this provided a useful look at some key issues), not to mention yet another winter Armageddon that’s shut down my region (that’s enough, winter!!). But this snippet from Jerry Brown yesterday on how he’s worried that… Read more
All of the sudden there’s a spate of pieces casting a jaundiced eye in the direction of those pristine nerds over at the Congressional Budget Office: –Dean Baker riffs off of a Zach Karabell piece enumerating big mistakes the agency has made in the past and how they’ve constrained policy advances. –Floyd Norris makes a… Read more
Allow me to vent for a sec before getting all rational again. I’m fed [sic] up with all of these arguments that the Federal Reverse’s foremost client is the financial markets, and Janet et al better be careful not to upset the bond traders what with all their whacky data-driven macro-management. OK, vent over (and,… Read more