More evidence that the housing market has stabilized, consistent with the recent policy stance of the Federal Reserve.
San Diego Economic Roundtable
I participated this morning in the 23rd Annual San Diego County Economic Roundtable discussion of prospects for the national and local economy. Slides from my remarks are available here and video from the event will be rebroadcast locally a number of times (schedule here).
My bottom line? I think 2007 will be disappointing, but not a disaster.
UPDATE: the event has also been covered by the San Diego Union Tribune.
Exchange rates, output gaps and inflation rates
Is there any role for the Taylor rule in helping predict exchange rates?
Derek Neal for president
I can’t pass up this opportunity to brag about another one of my former students– Matthew Kahn says that Derek Neal would make a good president.
Matthew’s right.
What would Milton do?
What with next Monday apparently having been declared Milton Friedman Day, I thought I might try to contribute to the festivities with some thoughts on how recent U.S. monetary policy might be evaluated from a Friedmanesque perspective.
Army Transformation sacrificed on the altar of …(a) tax cuts, (b) Iraq, (c) other
Or, “opportunity cost illustrated” redux. From GovExec.com:
Commodity speculation
Two stories this week give me some concern.
Bernanke and the Social Security Trust Fund
I would like to join Felix Salmon [1],
[2]
in suggesting that Dean Baker has mischaracterized both Fed Chair Ben Bernanke’s remarks to the Congress as well as the substantive policy questions on the table.
Bernanke on the deficit
In testimony before the Senate Budget Committee yesterday, Fed Chair Ben Bernanke once again tells it like it is.
Federal Government Interest Payments Rising
The Treasury Department reported a steady rate of purchases of Treasuries by foreigners (see the Bloomberg account here). Let’s hope that continues — although we should be cognizant of the ramifications: increasing debt and interest payments to foreigners.