I attended a conference this weekend on lessons from the financial crisis for monetary policy. Among many interesting presentations, Federal Reserve Bank of San Francisco President John Williams provided updated estimates on the effectiveness of large-scale asset purchases and forward guidance.
Author Archives: James_Hamilton
An exit strategy for Republicans
Like many other Americans and observers around the world, I find the ongoing spectacle in Washington both perplexing and distressing. But having seen the President follow the advice of our mighty blog for choosing the next chair of the Federal Reserve, I feel emboldened now to recommend a course of action for the House Republicans.
On weights and coding errors: odd coincidence or dress rehearsal?
Today Econbrowser is pleased to host this guest contribution from Professor Angus Deaton of Princeton University describing some of his experience with political attacks on academic research.
Yellen it is
I applaud President Obama for choosing the best person to be the next chair of the Federal Reserve. And I thank Governor Yellen for her willingness to serve the country.
Making money from the Eagle Ford Shale
Newly exploited tight oil formations account for more than 100% of the increase in U.S. field production of crude oil since 2005. But that doesn’t mean it’s easy to make money getting oil out of the ground this way.
Who’s afraid of the big bad taper?
Those of us who believed that the Fed’s program of large-scale asset purchases had only a modest effect on long-term interest rates seem to have some explaining to do.
Summers withdraws
Harvard Professor Larry Summers yesterday requested that his name be withdrawn from consideration for next chairman of the Federal Reserve. Let me outsource to a few others for comments.
The peak in world oil production is yet to come
World oil production stagnated between 2005 and 2007, which given rapid growth in demand from emerging economies sent oil prices shooting up. Some observers suggested that production might never rise much above the levels seen in 2005. Among those who raised this possibility, two of the more thoughtful have changed their mind. Euan Mearns last month summarized what he saw as three (or four) nails in the coffin of peak oil. And Stuart Staniford, an early editor and contributor for the Oil Drum, declared a few weeks ago that the data have spoken.
Economists supporting Janet Yellen
Econbrowser readers know that I feel that Janet Yellen would be an excellent choice for the next chair of the Federal Reserve. For those of you who feel the same way, I call your attention to an open letter of support from economists that you could sign.
If you are a professional economist who lives and/or works in the United States and you would like to join in signing this open letter, please send your name, title, and affiliation to YellenLetter@iwpr.org.