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The real problem is a lack of nominal targeting
This tweet is correct, but tells only a part of the story: I’ve made the same point many times. This is why I’ve been advocating treating the fed funds target more like a market price. I’ve argued...
View ArticleThe difference between Russia and China
China’s policies often annoy the West.Russia’s policy is to annoy the West.
View ArticleLet me know when you develop a replacement
Here’s the NYT: A group of philanthropists and academics say it is time for a new set of ideas to guide the economy. The William and Flora Hewlett Foundation and Omidyar Network announced on Wednesday...
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It’s the NGDP, stupid
It seems like supply chains are stressed almost everywhere in the world. So why is Japan’s price level lower than two years ago. Why haven’t they had any inflation at all? The answer is simple. In the...
View ArticleWhere would you expect the most Covid deaths?
In the initial wave of the Covid pandemic, deaths in the Northeast (and Washinton state) were far higher than other areas of the country. This is because the virus first entered the US on overseas...
View ArticleTrump loves Putin
As Russia begins invading another sovereign European country, let’s not forget that Trump has a longstanding infatuation with Putin. The Republican presidential nominee told the forum the Russian...
View ArticleGive them what they want
Case 1: A company cafeteriaThe company had a cafeteria that served nutritious food. Lunch might consist of a salad with grilled fish on top, with a side of whole wheat bread. All washed down with a...
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Plus ça change . . .
This is from a 1946 Life magazine article written by Joseph Kennedy: As I keep saying, this isn’t about NATO expansion. Putin knows that NATO is no threat to Russia. He’s using it as an excuse to...
View ArticleCancel culture comes to Money Illusion?
Censoring a blog is a no-win game. Wherever you draw the line, people will complain. I’ve been reluctant to cancel people for most infractions, with exceptions such as use of the N-word or...
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The Manafort “hoax”
Apparently there’s a hoax going around that Putin stooge Paul Manafort actually managed Trump’s 2016 campaign. Matt Yglesias has the goods. Where’s Senator Joe McCarthy when you need him? We need a...
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