Paul Krugman wrote the “neo-Fisherite” view that lower interest rates lead to lower inflation [skip] why doesn’t this debate emphasize the large empirical literature on the effects of monetary shocks? [skip] I mean, this is largely what Chris Sims got his prize for. It’s about as close to a fully established empirical result as we […]
With the release of Tim Geithner’s new autobiography the old quarrel about whether Social Security does or even can add to “the deficit” has cropped up again. So rather than weigh in let me start from a more neutral spot. CBO produces a document called the Monthly Budget Review and in Nov 2013 it carried […]
I’m encouraged any time government functions. We’re a very philanthropic society. We always want people to have safety nets. Medicaid is meant to be a temporary measure to provide benefits for people who are in difficult circumstances. It’s not meant to be going on forever. — Scott Brown, when Politico reporter Kyle Cheney asked him […]
Is the sun setting? On April 22nd, I wrote a comment to a reader of my Effective Demand blog. I said… “My view now is that the Dow Jones will make a publicity effort with hopes to get back up to 16800, then come down from there.” The Dow Jones made it to 16715. Today […]
Update appended. 5/17 at 1:37 p.m. —- I’ve written several times in the last three-plus years about a Supreme Court case called Bond v. U.S. Actually, to be precise, Bond v. U.S. is two Supreme Court cases, although it’s only one lower-court case. This is not unusual, but the case itself is; both the facts and the […]
Fed Treasury Holdings 5-7-2014 The above link should take you to a PDF showing the Fed’s System Open Market Accounts holdings of Treasury Bonds and Notes which the second link will tell you comprise $2.224 trillion of the total $4.017 trillion of SOMA Holdings, with that total including $1.631 trillion of Fannie and Freddie Mac […]
The problem we have in this country is not income inequality. It’s opportunity inequality. — Chris Christie, today And since there’s no causal relationship whatsoever between income inequality and opportunity inequality, this is sure to be a winning political message in 2016. Christie made the comment “at a ‘fiscal summit’ hosted by the Peter G. Peterson Foundation, which […]
It’s not every day that a law professor has his book quoted by the Supreme Court, and so the University of Baltimore‘s Michael I. Meyerson was understandably intrigued when his 2012 work about the Framers’ views on religion made it into Monday’s decision on public prayer. But the plug from Justice Anthony M. Kennedy, who wrote the […]