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Fed Minutes Too Detailed, Can Hinder Policy Debate, Williams Says

quoting Kevin M. Warshvia Reuters
Thursday, May 21, 2015

Williams' remarks came in the context of a broader discussion over whether more public information about the Fed's decision-making boosts accountability, or muddles the process. Kevin Warsh, a former Fed governor and an adviser to former Florida Governor Jeb Bush, who is exploring a 2016 presidential bid, suggested the latter. The fact that the Fed publishes transcripts of its meetings five years after the event, he said, keeps policymakers from engaging in true debates at their meetings.

Other Media

Fed’s Williams Touts Value Of Inflation Target

mentioning Hoover Institutionvia The Wall Street Journal
Thursday, May 21, 2015

Federal Reserve Bank of San Francisco President John Williams said Thursday inflation targets are important in creating effective monetary policy. Speaking at a conference held by Stanford University’s Hoover Institution, Mr. Williams observed briefly that price targets like the Fed’s 2% inflation goal make the Fed “formally and in fact accountable for the one thing a central bank can do: Control inflation.” Keeping price pressures at desired levels is “the one thing” a central bank “should own,” he said.

Other Media

The Top 10 Experts On Economics & Investing In Russia

mentioning Paul R. Gregoryvia All Emerging Markets
Thursday, May 21, 2015

Russia has several obstacles to economic growth, including geopolitical tension, Western sanctions, and the decline in energy prices. Read these 10 experts for insight into this complex emerging market.

Other Media

Will US Fast Food Workers Fight For $15 Backfire?

quoting Lee Ohanianvia Deutche Welle (Germany)
Friday, May 22, 2015

More than 1,000 McDonald's employees protested outside the fast food giant's annual shareholders meeting in Chicago on Thursday, where they submitted a petition signed by more than a million people, demanding an hourly wage of $15 and calling on the company to support the right to unionize. For nearly three years now, a nationwide movement of fast food workers has been demanding higher wages. These workers often earn the legal minimum, which ranges from state to state in the US, but is normally $7.25 per hour or higher.

Blogs

Am I Out Of Date? I Don't Think So

by David R. Hendersonvia EconLog
Thursday, May 21, 2015

I'm always willing to be told that I'm out of date on something. Getting up to date is, after all, one of the main ways we learn. I'm highly skeptical about David's claim, though. For one thing, you would think that if Von Neumann showed this over half a century ago, my professors at UCLA, especially people like Armen Alchian and Jack Hirshleifer, would have known about it. I don't recall that they contradicted Paul Samuelson on this.

Blogs

Murphy On Interpersonal Utility Comparisons

by David R. Hendersonvia EconLog
Friday, May 22, 2015

Bob Murphy has done a huge service by laying out clearly the economic reasoning behind my conclusions (here and here) that: (1) you can't make interpersonal utility comparisons and (2) utility is ordinal, not cardinal. His piece is not long and I recommend it to anyone who is interested in the discussion.

Lanhee Chen
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Hoover fellow Lanhee J. Chen on the road ahead for Obamacare: speed bumps, massive potholes, or smooth sailing?

by Lanhee J. Chenvia Fellow Talks
Friday, May 8, 2015

The road ahead for Obamacare: speed bumps, massive potholes, or smooth sailing?

Other Media

State's Housing Problem Comes From Supply Side

mentioning Hoover Institutionvia Orange County Register
Thursday, May 21, 2015

As detailed in a new report from the Hoover Institution, California is in the midst of a full-on crisis when it comes to the cost of housing. The average home in the state costs $437,000 – about two and a half times the national average. Renting is no panacea, either. At about $1,240 a month, the average California rental runs 50 percent higher than the national mean.

Athens, Greece
Other Media

Speakers Gather At Emergency Economic Summit In Athens As Greece Reaches Moment Of Truth

quoting Thomas J. Sargentvia Vice News
Wednesday, May 20, 2015

A Greek exit from the Eurozone would have catastrophic consequences, according to speakers gathered at an emergency economics summit in Athens on Tuesday. While divided in their views about what should be done to solve the crisis — which has now really reached make or break time — the invitees were united in their certainty that a "Grexit" must not be allowed to take place.

San Francisco
Other Media

San Francisco: Paris Before French Revolution?

quoting Bill Whalen, Carson Brunovia SFgate
Wednesday, May 20, 2015

“I think your city looks like pre-revolutionary France,” Hoover Institution research fellow Bill Whalen told me. Whalen wasn’t talking about street people tearing down Ess Eff edifices. He was talking about housing during a conference call to roll out Hoover’s Golden State Poll on housing in California. The crux of the poll: The California Dream has taken a big hit.

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Economic Policy Working Group

 
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple