…a case that the short-run effects of monetary policy have worn off. And since we are now in the long-run of monetary policy, expected inflation is low because it seeks…

…answer must reduce inequality, irregardless of the side effects. Think like a doctor giving medicine for the main illness knowing that there may be unpleasant side effects, like losing hair…

…financial assets for currency-like financial assets when they need to buy real stuff, but that’s largely mechanical; its macroeconomic effects are trivial. In this definition “money” comes from two (or…

…to spend more (though not necessarily increasing their V) — just as they do when stock prices go up. And of course the reverse when values decline. The economic effects…

…rhetorical legerdemain, the discipline disavowed itself of any responsibility for the implications and effects of that rhetorical legerdemain. (It’s hard not to be impressed.) The effects? Economic analysts must assume,…

…forecasts since 2009. In 2009 itself it is not easy to guess the effects of the then recent extreme fluctuations in the price of petroleum. More generally many things have…

Peter Dorman at Econospeak describes a common example of thought experiments on markets and externalities, and concludes with “More complex considerations that take into account dynamics, interaction effects and the…

…limit, and businesses are seeing the effects. The current growth in the US economy is projected to continue for years. One hears that the economy is finally taking off. However,…

…gets increasingly misleading. He faults climate models for failing to predict the “warming hiatus” (see here and here), yet says nothing about models which include oceanic effects and succeed in…

…trade has good effects, it is defined as unfree trade and when it is bad it is defined as free trade. And this when it is the exact same trade,…