fictionalbarking.blogspot.com
Fictional Reserve Barking: June 2013
http://fictionalbarking.blogspot.com/2013_06_01_archive.html
Against fictions and other tall tales. Saturday, 8 June 2013. Robert Gordon on the death of innovation and end of growth. This TED talk by Robert Gordon. Northwestern) is a must-see (do it, it's only 12 minutes long). You may recall that a paper by Gordon created quite a stir in the news a few months ago because of the bleak outlook it gives regarding future economic growth in the US. My take on this issue is that I'm generally optimistic about the prospect of continued future growth but becoming somewha...
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Fictional Reserve Barking: Was the rise in household indebtedness caused by low interest rates?
http://fictionalbarking.blogspot.com/2011/03/were-low-interest-rates-cause-of.html
Against fictions and other tall tales. Friday, 18 March 2011. Was the rise in household indebtedness caused by low interest rates? One of the most frequently cited explanations for the increased indebtedness in the US prior to the financial crisis has been the easing of monetary policy by the US Federal Reserve following the bursting of the dot.com bubble. Take, for instance, the following comments made by economist John B. Taylor. Erated the increase in the debt burden. This explanation appears much mor...
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Fictional Reserve Barking: The Federal Reserve Bored
http://fictionalbarking.blogspot.com/2015/03/the-federal-reserve-bored.html
Against fictions and other tall tales. Friday, 20 March 2015. The Federal Reserve Bored. Paul Krugman points out possibly the biggest challenge to sensible, rational policy making and debating these days:. The Times has an interesting headline here: Richard Fisher, Often Wrong but Seldom Boring, Leaves the Fed. Because entertainment value is what we want from central bankers, right? To follow me on Twitter, just look me up @circuit FRB. 2 July 2015 at 03:56. Payroll Services in London. Myth of the global...
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Fictional Reserve Barking: October 2014
http://fictionalbarking.blogspot.com/2014_10_01_archive.html
Against fictions and other tall tales. Monday, 27 October 2014. Secular stagnation, secular exhilaration and fiscal policy. Is right: secular stagnation has historically always referred to a situation of persistent low demand, which, according to my old 1971 Samuelson and Scott textbook, renders it inappropriate for governments to attempt to balance the budget over the business cycle (as per the principle of countercyclical compensation). Samuelson and Scott (1971:437). The answer is no. Kenneth Kutt...
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Fictional Reserve Barking: September 2014
http://fictionalbarking.blogspot.com/2014_09_01_archive.html
Against fictions and other tall tales. Sunday, 28 September 2014. Anthony Atkinson on the public debt and intergenerational equity. It's been a long time since my last post. Much of my spare time has been spent reading and thinking about the best way to think about the economy. In the end, I've come to the conclusion that it's the big picture that matters. Anthony Atkinson, I believe, summarized it best here:. State pension liabilities,. Public financial assets,. Public infrastructure and real wealth,.
fictionalbarking.blogspot.com
Fictional Reserve Barking: It's the demand, stupid! The role of weak demand on productivity growth
http://fictionalbarking.blogspot.com/2014/10/its-demand-stupid-role-of-weak-demand.html
Against fictions and other tall tales. Sunday, 5 October 2014. It's the demand, stupid! The role of weak demand on productivity growth. I couldn't resist the title. Last week I was invited to give a short talk on what I thought was the most pressing policy issue facing the world economy today. So I presented the findings from a very interesting paper entitled " Explaining Slower Productivity Growth: The Role of Weak Demand Growth. By Someshwar Rao and Jiang Li. This still makes lots of sense to me. Durin...
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Fictional Reserve Barking: Paul Krugman on currency independence, circa 1999
http://fictionalbarking.blogspot.com/2014/10/paul-krugman-on-currency-independence.html
Against fictions and other tall tales. Sunday, 12 October 2014. Paul Krugman on currency independence, circa 1999. If there's one macroeconomic observation that has gone from obscure to remarkably mainstream in recent years, it's that a nation that has given up its currency independence is at a big disadvantage relative to nations with independent, sovereign currencies, especially when it comes to options for addressing economic downturns and overcoming the aftermath of financial crises. But it turns out...
fictionalbarking.blogspot.com
Fictional Reserve Barking: October 2013
http://fictionalbarking.blogspot.com/2013_10_01_archive.html
Against fictions and other tall tales. Saturday, 19 October 2013. Which unconventional monetary policies hold most promise? Kudos to Biagio Bossone, Chairman of the Group of Lecce. And former central banker (and circuit theorist par excellence. For his first-rate analysis (see here: part 1. Of the different types of unconventional monetary policy measures that have been implemented and proposed in the last few years! In the concluding paragraph, Bossone writes,. Vox, October 2013. Should the US tap into ...
fictionalbarking.blogspot.com
Fictional Reserve Barking: Secular stagnation, secular exhilaration and fiscal policy
http://fictionalbarking.blogspot.com/2014/10/secular-stagnation-secular-exhilaration.html
Against fictions and other tall tales. Monday, 27 October 2014. Secular stagnation, secular exhilaration and fiscal policy. Is right: secular stagnation has historically always referred to a situation of persistent low demand, which, according to my old 1971 Samuelson and Scott textbook, renders it inappropriate for governments to attempt to balance the budget over the business cycle (as per the principle of countercyclical compensation). Samuelson and Scott (1971:437). The answer is no. Kenneth Kutt...
fictionalbarking.blogspot.com
Fictional Reserve Barking: Anthony Atkinson on the public debt and intergenerational equity
http://fictionalbarking.blogspot.com/2014/09/anthony-atkinson-on-public-debt-and.html
Against fictions and other tall tales. Sunday, 28 September 2014. Anthony Atkinson on the public debt and intergenerational equity. It's been a long time since my last post. Much of my spare time has been spent reading and thinking about the best way to think about the economy. In the end, I've come to the conclusion that it's the big picture that matters. Anthony Atkinson, I believe, summarized it best here:. State pension liabilities,. Public financial assets,. Public infrastructure and real wealth,.
