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Twelve Years Unheeded
The June 2003 FOMC meeting is one of those events that has only taken on increased relevance and significance with time. That gathering marked a major shift in monetary policy as it was, particularly...
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Plausible Deniability
The March FOMC statement that caused a serious inflection in so many places was a reality check upon not monetary policy but economic fluency. In some ways it is subtle by design, but the changes made...
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Unfortunately, It Was Only A Brief Moment of Clarity
I have referred to the June 2003 FOMC meeting many times before and I suspect that I will continue to do so long into the future. It was one of those events that should be marked in history, truly...
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Economists
What if the FOMC and the wider Federal Reserve apparatus had heeded Greenspan’s uncertainty? There is grave danger in wandering too far into counterfactuals, but there is some value, I think, in the...
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Proposed Negative Rates Really Expose The Bond Market’s Appreciation For What...
By far, the biggest problem in Economics is that it has no sense of itself. There are no self-correction mechanisms embedded within the discipline to make it disciplined. Without having any objective...
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Peak Inflation? No, Peak Stupidity
You can (and should) read the entire text of Richard Clarida’s speech delivered today (via webcast) for the Peterson Institute for International Economics. The Federal Reserve Vice Chairman’s remarks...
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