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Alexander W. Salter

On interest rate targeting

Previously I discussed inflation targeting as a popular rule for governing central bank behavior. In this post I will discuss interest rate targeting, another popular recommendation that has its own costs and benefits. The most prominent interest rate rule is the Taylor rule, devised by John Taylor of Stanford University. Taylor originally proposed the rule […]


Steven Pressman

Economy Grows on a Shaky Foundation of Debt

Median household income has remained stagnant over the past quarter century, when controlled for inflation. With rising needs like cell phones, computers and cable TV, many U.S. households have had to go into debt to maintain a middle-class standard of living.

This has provided a boost to the overall economy, because consumer spending makes up nearly 70 percent of total spending. As consumer spending goes, so goes the U.S. economy.

But there is a problem with this solution.


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