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Recent Posts

Economist's View: Fed Watch: Now We Wait

So the very critical difference between the Japanese situation 15 years ago and the U.S. situation today is that Japan was in deflation ,and, clearly, when you're in deflation and in recession, then both sides of your mandates, … [...]

Brad DeLong: Why Deflating Wages Does Not Help: Bagehot-Fisher …

My view is that it is incredibly easy to run off the rails in macroeconomics unless you start by firmly grounding yourself in John Stuart Mill's (1829) insight: A general glut is an excess demand for financial assets at … [...]

Brad DeLong: Assessing Ben Bernanke's Claims That He Has Not …

[W]e are not in deflation …. We have an inflation rate that's close to our objective…. [D]oes it make sense to actively seek a higher inflation rate in order to achieve a slightly increased pace of reduction in the unemployment rate? The view of the committee … And it is indeed a fact that the number of economists whose work makes it into the graduate curriculum who build on Bagehot is relatively small: Minsky (1982, 1986) is present to a small degree. Kindleberger (1978 … [...]

Brad DeLong: Did Ben Bernanke Just Say That the Depression-Era …

When deflation became a significant risk in late 2010, or at least a modest risk in late 2010, we used additional balance sheet tools to help return inflation close to the 2 percent target. Likewise, we have been aggressive and …. And it is indeed a fact that the number of economists whose work makes it into the graduate curriculum who build on Bagehot is relatively small: Minsky (1982, 1986) is present to a small degree. Kindleberger (1978, 1984) is present to a … [...]