Fiscal Policy

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Analysis and Commentary

All That Glitters Is Not Gold

by John H. Cochranevia Grumpy Economist
Thursday, July 18, 2019

I wrote a Wall Street Journal Oped on the gold standard, partly in response to last week's Oped by James Grant (whose "PhD standard" is a great quip) and Greg Yp's excellent column on Judy Shelton and gold.

Featured

Forget The Gold Standard And Make The Dollar Stable Again

by John H. Cochranevia The Wall Street Journal
Wednesday, July 17, 2019

[Subscription Required] Precious metals no longer make sense as a store of value. Instead, peg money to goods and services.

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Debt and Taxes

by David R. Hendersonvia Hoover Digest
Tuesday, July 16, 2019

Despite rising budget deficits, few in Washington propose fiscal prudence. Instead, there are unconscionable proposals for vast new spending programs.

Featured

A Decade Of July 4th Debt Explosions: Are They Getting Less Spectacular?

by John B. Taylorvia Economics One
Thursday, July 4, 2019

Starting a decade ago, I’ve charted on Independence Day the most recent long-term projection of the federal debt by the Congressional Budget Office (CBO).

In the News

Taylor’s Rule: Too High, Too Low – Where Should Interest Rates Go?

interview with John B. Taylorvia Biz News
Thursday, June 6, 2019

Taylor’s Rule is an interest rate forecasting model invented by John Taylor in the early 90s. And according to Investopedia “it’s a proposed guideline for how central banks should alter interest rates in response to changes in economic conditions.” In South Africa, the Reserve Bank’s mandate is very topical at present, which in turn sets up a discussion around interest rates. SARB’s current mandate is tailored around a targeted inflation band of 3-6%, with the repo rate currently at 6.75%. 

In the News

Fed's Dot Plot, QE, Average Inflation: Fed Conference Takeaways

quoting John B. Taylorvia Bloomberg
Wednesday, June 5, 2019

The Federal Reserve wound up its two-day framework conference on Wednesday with little consensus on what can be done to better prepare for the next big recession.

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Red Ink in the Golden State

by Clifton B. Parker interview with Joshua D. Rauhvia Hoover Digest
Wednesday, April 24, 2019

California owes hundreds of billions of dollars in pension obligations it can’t meet. Hoover fellow Joshua D. Rauh says the overpromising needs to stop—now.

Featured

An Equation To Ensure America Survives The Age Of AI

by Elizabeth Cobbsvia Financial Times
Thursday, April 11, 2019

Tech investors celebrate a future of self-driving taxis and low labour costs as gig economy platform companies such as Lyft and Uber go public. But workers spy disaster. In more and more industries, the low-skilled suffer declining pay and hours. McKinsey estimates that 60 per cent of occupations are at risk of partial or total automation.

Analysis and Commentary

The Minimum Wage As A Perpetual Motion Machine

by David R. Hendersonvia EconLog
Tuesday, April 9, 2019

Jubal Harshaw at the blog GrokInFullness had an excellent post last month on the minimum wage that I had missed.

Analysis and Commentary

Less Listing

by John H. Cochranevia The Grumpy Economist
Wednesday, March 20, 2019

Torsten Slok at DB sent along this lovely graph. The underlying paper "Eclipse of the Public Corporation or Eclipse of the Public Markets?" by  Craig Doidge, Kathleen M. Kahle, G. Andrew Karolyi, and René M. Stulz,  has a lot more.

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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