From the responses to my remarks last week on monetary policy, I see that my words were interpreted by some readers differently than I’d intended, for which I apologize. Let me try again.
Author Archives: James_Hamilton
Should the Fed do more?
Johns Hopkins University Professor Larry Ball, Princeton Professor Paul Krugman, U.C. Berkeley Professor Brad DeLong, University of Oregon Professor Tim Duy and Texas State University Professor David Beckworth are among those recently arguing that Fed Chairman Ben Bernanke is neglecting his own earlier academic insights into what the central bank should be doing in a situation such as the United States presently finds itself. Here’s what I think they’re overlooking.
Sluggish U.S. growth continues
The Bureau of Economic Analysis reported today that U.S. real GDP grew at a 2.2% annual rate during the first quarter, down from the 3.0% growth of 2011:Q4, and below the 2.4-2.9% range that the FOMC indicated yesterday it is anticipating for 2012 as a whole. I see some reasons to agree with the Fed that the rest of the year may be slightly better than the first quarter.
More on speculation
In addition to my discussion last week on the role of speculation in oil markets, let me call attention to commentary from some of my academic colleagues on the same topic:
University of Michigan Professor Lutz Kilian
The geography of unemployment
Some quick remarks on the unevenness of the U.S. economic recovery.
A ban on oil speculation?
Joseph P. Kennedy II, former Congressional Representative from Massachusetts, and founder, chairman, and president of Citizens Energy Corporation, has a proposal to make energy affordable for all. All we have to do, Kennedy claims, is “bar pure oil speculators entirely from commodity exchanges in the United States.”
Links for 2012-04-14
Quick links to a few items I found interesting.
Managing strategic petroleum reserves
The Wall Street Journal suggests today that part of the latest surge in China’s oil imports is attributable to a desire to boost the country’s oil stockpiles.
Current economic conditions
Friday’s jobs report was unquestionably a disappointment. But other recent U.S. economic indicators are more encouraging.
Replacing Iran’s oil production
If an embargo is successful in preventing Iran from selling a significant amount of oil on the world market, what would replace it?