Saturday, June 22, 2024

USA

Bond risk premiums — certainty found and lost again

This is a second post from a set of comments I gave at the NBER Asset Pricing conference in early November at Stanford.  Conference agenda here. My full slides here. First post here, on new-Keynesian modelsI  commented on "Downward...

Time for a new (?) theory of regulation

What's the basic story of economic regulation? Econ 101 courses repeat the  benevolent dictator theory of regulation: There is a "market failure," natural monopoly, externality, or asymmetric information. Benevolent regulators craft optimal restrictions to restore market order. In political...

The Grumpy Economist: Sociology Meetings

When Jukka Savolainen wrote about it in the Wall Street Journal I couldn't quite believe it, so I had to go look. Indeed, on the website of the American Sociological Association describing its 2024 annual meeting we have the official "theme"...

New-Keynesian models, a puzzle of scientific sociology

This post is from a set of comments I gave at the NBER Asset Pricing conference in early November at Stanford.  Conference agenda here. My full slides here. There was video, but sadly I took too long to...

FTPL news: discount and Economist list

 Just in time for the holidays, the perfect stocking stuffer -- if you have really big stockings. 30% discount on Fiscal Theory of the Price Level until June 30 2024. And Fiscal Theory makes the Economist's list of best books...

The Grumpy Economist: Pro Dollarization

With President Milei's election in Argentina, dollarization is suddenly on the table. I'm for it. Here's why. Why not? A standard of valueStart with "why not?'' Dollarization, not a national currency, is actually a sensible default. The dollar is...

FTPL at SEA

Sunday Nov 19 6-7 PM I will be giving the "Association Lecture" at the Southern Economics Association conference in New Orleans. The topic naturally is "The Fiscal Theory of the Price Level." If you're curious, and will be at the...

Lukianoff and Schlott on Cancellation

https://www.youtube.com/watch?v=tI1P1KGGPxILast week I was honored to be moderator for a discussion with Greg Lukianoff and Rikki Schlott on their new book "Canceling the American Mind" at the Commonwealth Club of San Francisco.  Link here, if the embed above...

The Grumpy Economist: Evergreen expectations

 A lovely plot from the always interesting Torsten Slok. The graph shows the actual federal funds rate, together with the path of "expected" funds rate implicit in fed funds futures market prices. (Roughly speaking the futures contract is...

The Grumpy Economist: Bhattacharya on Covid censorship

https://www.youtube.com/watch?v=VyzEB3ZybGAA week ago Jay Bhattacharya gave a great talk at the weekly Stanford Classical Liberalism workshop. (Link in case the embed doesn't work.) He detailed the story of government+media Covid censorship, along with the dramatic injunction in the...
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