Why We Missed On Inflation, and Implications for Monetary Policy Going ForwardAs I’ve discussed publicly for some time, I have been trying to make sense of the mixed signals the economy is sending. When I travel…Jan 4, 2023A response icon26Jan 4, 2023A response icon26
Policy Has Tightened a Lot. Is It Enough? (An Update)On May 6 I published an essay explaining why I focus on long-term real rates to evaluate the overall stance of monetary policy, including…Jun 17, 2022Jun 17, 2022
Policy Has Tightened a Lot. Is It Enough?An important question for monetary policymakers is, What policy stance, including the current setting of the federal funds rate, the…May 6, 2022A response icon1May 6, 2022A response icon1
Update on Inflation and Monetary PolicyMajor General Grant My dear General …Mar 18, 2022A response icon3Mar 18, 2022A response icon3
Two Opposing RisksOn December 15, the Federal Open Market Committee (FOMC) released its latest Summary of Economic Projections (SEP), also known as the “dot…Jan 4, 2022A response icon4Jan 4, 2022A response icon4
Why I DissentedI strongly support the new Statement on Longer-Run Goals and Monetary Policy Strategy¹ that the Federal Open Market Committee has adopted…Sep 18, 2020A response icon1Sep 18, 2020A response icon1
A Strategy to Re-anchor Inflation ExpectationsIn the Federal Open Market Committee meeting that concluded on Wednesday of this week, I advocated for a 50-basis-point rate cut to 1.75…Jun 21, 2019A response icon1Jun 21, 2019A response icon1
The Flattening Yield CurveThis time is different. I consider those the four most dangerous words in economics.Jul 16, 2018A response icon6Jul 16, 2018A response icon6
Why I Dissented a Third TimeLast week, the Federal Open Market Committee raised interest rates for the third time this year and, also for the third time this year, I…Dec 18, 2017A response icon2Dec 18, 2017A response icon2
