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Analysis and Commentary

The ECB And Its Watchers XXI

by John B. Taylorvia Institute for Monetary and Financial Stability
Wednesday, September 30, 2020

(Page 16) John Taylor, Professor at Stanford University and Senior Fellow at Hoover Institution, urged a more rules based monetary policy as central banks around the world scramble to rescue the economy damaged by the coronavirus pandemic. He also criticized the “vagueness” in the Federal Reserve’s recent announcement on its shift to average inflation targeting. 

Analysis and Commentary

Firm-Level Stock Price Reactions To Pandemic News

by Steven J. Davis, Stephen Hansen, Cristhian Seminario-Amezvia Vox EU
Tuesday, October 27, 2020

COVID-19 will likely restructure economic activity in a variety of ways, and lead to the growth of some firms and the decline of others. This column uses stock markets to examine these effects as share prices are tied to expectations about future earnings growth. On days with large pandemic-related market moves, there is enormous dispersion in firm-level returns. 

Featured

IMF, BIS, Expanded Mandates, Climate And Inequality

by John H. Cochranevia The Grumpy Economist
Monday, October 26, 2020

Last week I was pretty critical of the ECB's move to expand its mandate to take on climate policy. The ECB is not alone however. The Bank of England started down this direction. The IMF has also been a proponent, and the BIS is nodding assent.

Analysis and Commentary

Tyler Cowen Doubles Down

by David R. Hendersonvia EconLog
Monday, October 26, 2020

I criticized (here and here) a recent article that Tyler Cowen wrote in Bloomberg about COVID-19 and lockdowns. Last week he doubled down by raising the issue of the elderly. The title fits his theme, is “Yes, Covid-19 Is More Serious for the Elderly. So What?”

Featured CommentaryEureka

Proposition 22—The Future Of California’s Gig Economy

by Mira Farkavia Eureka
Tuesday, October 27, 2020

In just a few days, Californians will cast a hugely consequential vote. It won’t be for president of the United States—if the polls are to believed, and based in part on the last presidential election, California has all but made up its mind as to which septuagenarian should lead the Free World.

Blank Section (Placeholder)Featured

The Opioid Crisis And A Distorted Legal Response

by Richard A. Epsteinvia Defining Ideas
Monday, October 26, 2020

Courts don’t need an exotic use of “public nuisance” theory when traditional remedies are available.

Featured

Google’s ‘Monopoly,’ And The Case Against It, Looks Surprisingly Like Standard Oil’s

by Thomas W. Gilliganvia Daily Caller
Monday, October 26, 2020

Based on some novel ideas and the application of new and powerful technologies, a company is formed which, within a relatively short period, achieves a dominant position in the markets in which it operates. Many of these markets did not exist prior to the company’s creation.

In the News

Raghuram Rajan Says Jobless Youth Will Hit The Streets, Diverting Them Won't Work For Long

featuring Raghuram Rajanvia India Times
Monday, October 26, 2020

Former governor of Reserve Bank of India Raghuram Rajan on Wednesday said that if India does not create enough jobs, youths will come to the streets (in protest). Raghuram Rajan said that young people in the country require jobs, and that while attention can be diverted by social media and fake news, it will only work for so long.

Analysis and Commentary

Fredrik Deboer On The Cult Of Smart

by Russ Robertsvia EconTalk
Monday, October 26, 2020

Author and journalist Fredrik deBoer discusses his book The Cult of Smart with EconTalk host Russ Roberts. DeBoer argues that there is little that can be done to change the distribution of success in K-12 education. He argues that educational reforms like charter schools and No Child Left Behind are doomed to failure. At the end of the conversation, deBoer, a self-described Marxist, makes the case for a radical re-imagining of the U.S. economy.

 
In the News

No End In Sight For Record-High Public Debt Fueled By COVID-19

quoting Raghuram Rajanvia Nikkei Asian Review
Sunday, October 25, 2020

Countries around the world have expanded fiscal expenditure due to the coronavirus pandemic, causing public debt to balloon to unprecedented levels. The debt-to-gross domestic product ratio of advanced economies in 2021 will reach a record high of 125%.

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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