Celebrating humanity's flourishing through the spread of capitalism and the rule of law
12 Dec 2023 Leave a comment
in applied price theory, budget deficits, comparative institutional analysis, development economics, economic growth, economic history, economics of regulation, fiscal policy, growth disasters, income redistribution, international economics, labour economics, liberalism, libertarianism, macroeconomics, Marxist economics, Milton Friedman, monetary economics, Murray Rothbard, Public Choice Tags: Argentina
My trip to Argentina last year motivated me to write Part I of this series, which focused on whether things might get better in that tragic country for the simple reason that they couldn’t possibly get any worse. In Part II of this series, I analyzed whether a libertarian candidate’s surprisingly strong performance in Argentina’s […]
Can Argentina Be Rescued, Part III
12 Dec 2023 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, fiscal policy, growth disasters, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics, unemployment Tags: monetary policy
Inflation rates have come down since their peak in mid-2022. Does the Federal Reserve need to continue its inflation-fighting ways, keeping interest rates high? Anil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski, and WeiZhao of the IMF look to historical and international experience in “One Hundred Inflation Shocks: Seven Stylized Facts” (September 2023, WP/23/190). As…
Lessons from Fighting 100 Inflations Since the 1970s
06 Dec 2023 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, inflation targeting, labour economics, macroeconomics, monetary economics, politics - New Zealand, unemployment Tags: monetary policy
It doesn’t seem to have been the best week for the Reserve Bank since the release of the latest Monetary Policy Statement last Wednesday. Of course, one could make a pretty compelling case that in the Orr years few weeks have been, and especially not any weeks when Bank figures actually say or do anything. […]
Really?
02 Dec 2023 1 Comment
in budget deficits, fiscal policy, macroeconomics, politics - New Zealand
In my post yesterday on the new OECD Economic Outlook fiscal numbers I included this chart Even if you leave off the last two observations (OECD projections based on current – Labour government – fiscal policy) recent trends have hardly been something to take any comfort in. But at least we were still a bit […]
Government net debt: how does NZ compare?
30 Nov 2023 Leave a comment
in budget deficits, business cycles, currency unions, development economics, fiscal policy, growth disasters, macroeconomics, monetary economics Tags: Argentina, dollarisation
Yes, I do still favor it, but here is part of the problem, as I explain in my latest Bloomberg column: The simplest way for Argentina to dollarize would be to inflate the peso even more. For purposes of argument, imagine a peso inflation rate of one billion percent a year. Pesos would be worthless, […]
Why Argentina’s dollarization is likely to come in sudden, messy ways
29 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics
Milton Friedman: The Last Conservative by Jennifer Burns 592 pages Farrar, Straus and Giroux Published: Nov 2023 Released two weeks ago, Jennifer Burns’s “Milton Friedman: The Last Conservative” is the most significant biography of Friedman ever published. Burns is an associate professor of history at Stanford and a research fellow at the Hoover Institution. She […]
Review of “Milton Friedman: The Last Conservative” by Jennifer Burns
22 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics Tags: monetary policy
18 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, great depression, labour economics, labour supply, macroeconomics, monetary economics, unemployment
TweetWant to get a few hours’ worth of solid learning in less than 35 enjoyable minutes? Listen to my Mercatus Center colleague David Beckworth’s podcast (from October 2022) with George Selgin on the New Deal. Seriously. It will be 34-plus minutes very well spent. George’s book – False Dawn – is forthcoming from the University…
George Selgin on the New Deal and Recovery (and Relief and Reform)
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment Tags: monetary policy
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, econometerics, economic history, financial economics, fiscal policy, great depression, great recession, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics Tags: monetary policy
09 Nov 2023 Leave a comment
in budget deficits, business cycles, econometerics, economic growth, economic history, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, Milton Friedman, monetarism, monetary economics, public economics Tags: monetary policy
14 Oct 2023 Leave a comment
in budget deficits, business cycles, fiscal policy, macroeconomics, monetary economics
Today, I’ll add an entry to my occasional reviews of interesting academic papers. The paper: “Price Level and Inflation Dynamics in Heterogeneous Agent Economies,” by Greg Kaplan, Georgios Nikolakoudis and Gianluca Violante. One of the many reasons I am excited about this paper is that it unites fiscal theory of the price level with heterogeneous agent…
Heterogeneous Agent Fiscal Theory
03 Oct 2023 Leave a comment
in budget deficits, economic history, financial economics, fiscal policy, history of economic thought, macroeconomics, monetary economics
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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