Fiscal Policy

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In the News

After 8 Years Of Radical Moves, The Fed’s Still In A Box

quoting Allan H. Meltzer, John B. Taylorvia Investors Business Daily
Friday, May 20, 2016

When the economy stumbles, can the Fed still catch its fall? A growing number of economists, market analysts and investors worry that the answer is no. The Federal Reserve’s radical approach to monetary policy since the financial crisis, they believe, has confounded its ability to do anything about a potential downturn — or an unexpected shock to the economy.

In the News

This Is The Sort Of Debate On Too Big To Fail We Should Be Having This Election

featuring John H. Cochranevia American Enterprise Institute
Thursday, May 19, 2016

The Pro-Market blog of the Stigler Center at the University of Chicago Booth School of Business gives a good roundup of the Minneapolis Fed’s Too Big To Fail symposium: Bernanke criticized the notion that a breakup of large financial firms will promote financial stability, or mitigate excessive risk taking.

Niall Ferguson
In the News

Niall Ferguson Says GFC Stagnation Is Over And Inflation Will Rise

featuring Niall Fergusonvia Financial Review
Thursday, May 19, 2016

The long hangover in the wake of the global financial crisis is finally over, says one of the world's leading economic historians. Harvard professor Niall Ferguson says that any threat of so-called "secular stagnation" in the US, with a future of low growth and near-deflation, receded around February this year.

Analysis and Commentary

The Power And Independence Of The Federal Reserve

by Allan H. Meltzervia American Enterprise Institute
Wednesday, May 11, 2016

Happy to return to AEI where I wrote much of my History of the Fed. And pleased to discuss Prof. Conti-Brown’s book on Fed power and independence.

In the News

Bank Of England Ditches Four Meetings A Year

quoting Kevin Warshvia Money Marketing
Tuesday, May 10, 2016

The Bank of England will now only meet eight times a year to determine interest rate rises and discuss monetary policy, rather than carrying out the current monthly meetings.

In the News

Natural Rate Is Lower And That Affects Policy, Fed Officials Say

mentioning Hoover Institutionvia Hellenic News of America
Saturday, May 7, 2016

A small group of Federal Reserve officials warned Thursday a notably decline in a key interest rate variable has serious implications for growth and how central banks conduct policy.

Interest Rates
Analysis and Commentary

Comments On “Global Imbalances And Currency Wars At The ZLB,” By Ricardo J. Caballero, Emmanuel Farhi, And Pierre-Olivier Gourinchas

by John H. Cochranevia The University of Chicago Booth School of Business
Thursday, May 5, 2016

This is a great paper. I’m going to sound a bit critical, but I’ll explain at the end. 20 years ago, international economists puzzled that capital and trade flows seemed too small, as characterized by the Feldstein-Horioka and home bias puzzles. 

In the News

Fed's Williams: 2 Or 3 Rate Hikes Reasonable This Year, But Dependent On Data

mentioning Hoover Institutionvia CNBC
Thursday, May 5, 2016

Two or three Federal Reserve interest rate increases this year would be "reasonable," but the central bank will continue to watch economic data, San Francisco Fed President John Williams said Thursday.

In the News

Pension Funding Deficits Plague States Around The Nation

quoting Joshua D. Rauhvia AMI Newswire
Thursday, May 5, 2016

While Detroit teachers have been assured they will be paid through the summer after a two-day sickout this week drew national attention and union rebukes, underlying pension problems in the beleaguered district may portend bigger financial problems — not just there, but nationwide.

Federal Reserve
In the News

Fed Focus: Call For Global Rules-Based Pol To Meet Resistance

quoting John B. Taylorvia MNI News
Thursday, May 5, 2016

Noted U.S. economist John Taylor, author of the economic rule prescribing interest rates as a function of inflation and employment, is presenting an argument Thursday for wider use of rules-based monetary policy in central banks around the world.

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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