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“We have learned much about the unemployment-inflation trade-off and about monetary policy during the last 25 years. Both economic research – especially the research surrounding the rational expectations revolution of the 1970s – and historical experie …
READ MORE“By 2020, public debt in the United States is set to reach 90 percent of GDP, a line that many economists demarcate as when accumulated debt pushes an economy to the precipice of fiscal demise. Entitlement spending remains on autopilot and some federal …
READ MORE“When the Federal Reserve’s interest-rate-setting committee meets on Tuesday to consider whether to change its monetary policy, it will likely be forced to alter the way it views the economy. It will probably rewrite its dismissal assessment of unemplo …
READ MORE“Variations in unemployment rates can be explained by changes in the productivity-adjusted real wages received by labor. Other things equal, rises in productivity or prices tend to have the impact of lowering unemployment, as does falling money wages. …
READ MORE“In the 1970s, despite rising inflation, members of the Federal Reserve’s policy committee repeatedly chose to lower interest rates to reduce unemployment. Their Phillips Curve models, which charted an inverse relationship between unemployment and infl …
READ MORE“Federal Reserve Chairman Ben Bernanke’s address to the National Press Club on Thursday was a remarkable blend of hubris, claimed innocence, and warnings. His opening remarks were condescending and patronizing to the journalists assembled: Contemporary …
READ MORE“Goodness, the market is jittery. The moment the latest economic growth figures were announced yesterday morning, sterling fell 1.25 per cent against the euro and one per cent against the dollar within minutes. Obviously, no-one was expecting that GDP …
READ MORE“Federal Reserve officials last year, prodded by Chairman Ben Bernanke, seriously considered adopting an explicit target for inflation of 2%, but Mr. Bernanke failed to forge a consensus and backed away. The issue could resurface in 2011. The Fed infor …
READ MORE“Taylor’s followers include the new GOP House leadership, the chairmen of key House committees, Presidential hopefuls, conservative thinkers, and others suspicious of Federal Reserve Chairman Ben Bernanke’s stimulative monetary policy and perceived all …
READ MORE“As a service to readers of the Mises Daily, I immerse myself in the sometimes-stultifying skirmishes of the economics blogosphere. Recently, those arguing that the solution to our current economic woes involves a pumping up of “aggregate demand” seem …
READ MORE“In a speech to be delivered in Santiago, Chile, on Monday, Philadelphia Federal Reserve Bank President Charles Plosser cautioned against relying too much on the central bank and said its powers ought to be curbed to prevent abuse. “I believe we have c …
READ MORE“[T]here are several reasons to believe that QE2 would not have happened had Fed officials not been able to refer to a dual mandate in the Federal Reserve Act as justification for the intervention. First consider this bit of emprical evidence: There ha …
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