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The “Abe Effect”
Is ‘storming’ through Japan. The implication is that the stock market index correlates positively with inflation expectations while the exchange rate travels in the opposite direction. We hope that...
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Matthew Klein (MCK) could have talked to Ryan Avent (RA) before writing...
This is MCK: THOSE who want central bankers to focus to changes in nominal incomes (NGDP or NGDI growth) rather than the pace of consumer price increases (CPI or PCE inflation) have made tremendous...
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“Trickery” from The Economist
The Economist just published “The 12 charts of 2012”. Chart number 4 is: In such lifeless company America’s economy looked almost vibrant (chart 3). Its housing market turned a corner in 2012 (chart...
View ArticleIs ‘opacity’ best?
One must miss Greenspan when a senior Fed researcher has to try and ‘make transparency transparent’: As a regular, satisfied customer of The Wall Street Journal‘s “Heard on the Street” feature, I was a...
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John Taylor mourns the five-year-anniversary of the end of the Great Moderation
In a recent post, Taylor writes: Hundreds of research papers have been written on the nature and causes of the Great Moderation, which got started around 1983. While that research began long after the...
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Sifting through the GDP components
CalculatedRisk tries an optimistic note: Discussions of the business cycle frequently focus on consumer spending (PCE: Personal consumption expenditures), but the key is to watch private domestic...
View ArticleJeff Frankel gives out good Christmas advice
From Jeff Frankel: The time is right for the world’s major central banks to reconsider the framework they use in conducting monetary policy. The US Federal Reserve and the European Central Bank are...
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Noah is skeptical
Noahpinion has a laugh at the expense of MMs who think Abe could make a diference in Japan. According to Noah. Abe is mainly interested in social and cultural issues. He is the Japanese style of...
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David Altig is also skeptical
According to David Altig: What if, rather than some measure of nominal GDP, the 2004–06 Fed had instead been solely focused on the inflation rate? You can’t answer that question without...
View ArticleNeeded for 2013, a paradigm change
Simon Wren Lewis joins the debate on the State of Macro. How do you judge the health of an academic discipline? Is macroeconomics rotten or flourishing? Stephen Williamson is right that in one sense it...
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