Or, how the Tea Party is working hard to sabotage the dollar’s role in global finance.
Estimates of the effects of the Fed’s large-scale asset purchases
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.
The Aftermath
Update, 10/20 12PM Pacific
After the failure of the Republican effort to defund the Affordable Care Act, what is the net macro effect? According the IHS-Global Insight, and S&P [1], 0.6 ppts were shaved off 2013Q4 GDP growth (SAAR). S&P puts a dollar figure to this impact — $24 billion in lost output.
Policy Uncertainty, October 14
Policy uncertainty, as measured by the Baker, Bloom and Davis index, is skyrocketing.
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.
The State of Energy Markets in Mid-October
Who Knows?
Flying Blind
The House Republicans’ insistence on keeping the government closed means [0] that it is likely that we will be conducting macroeconomic policymaking with increasingly sparse or mismeasured data. If one doesn’t believe in expertise and information, then this is not a problem. If one believes that knowledge should inform decisionmaking, it is.
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.
Movements in Short Term Treasurys
“Short-term U.S. debt prices tumbled again Tuesday amid rising investor concern about the prospect of a government-debt default, sending the yield on one-month U.S. Treasury bills to its highest level since the financial crisis.”