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Their words
Well, logically, then lower interest rates without a fiscal loosening (that part is important) ought to lower inflation.
John Cochrane
Everything, newest first — across every channel. Their profile → · Subscribe
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3 November
30 October
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Their words
In that context, though, personalized pricing by AI and big data could be a lot more efficient than all the games we go through now, since it’s basically costless.
Price discrimination by needless complexitygrumpy-economist.com
26 October
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korrents.com
A system with essentially no economic regulation and competitive markets would work for health care.Their words
A system with essentially no economic regulation, and brutally competitive markets, will work fine, and that includes pre-existing conditions and information asymmetry.
Some simple principles for taxation and spendinggrumpy-economist.com
25 October
From one piece Saving the Welfare State 2 beliefs · grumpy-economist.com
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korrents.com
The welfare state is at least part of the plummeting fertility that undermines the welfare state.Their words
The welfare state is at least part of the plummeting fertility that undermines the welfare state.
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korrents.com
Marginal tax rates well above 50% create undeniable disincentives to work, save, innovate, and invest.Their words
Marginal tax rates well above a half are deep in the range of undeniable disincentives to work, save, innovate, start and grow businesses, invest in education, and so on.
19 October
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korrents.com
Higher interest rates cannot durably lower inflation without a fiscal tightening to pay interest costs on the debt.Their words
In “expectations and the neutrality of interest rates” I show that even in an old-Keynesian adaptive expectations model, that otherwise well captures standard doctrines, higher interest rates cannot durably lower inflation without a fiscal tightening to pay interest costs on the debt.
14 October
From one piece Affordability Trilogy, Part 3. Why is the free market so unpopular? 2 beliefs · grumpy-economist.com
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Their words
Revitalizing the institutions of limited government may be more promising.
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Their words
Adam Smith’s vision, how greedy self-interest serves the public good is unnatural.
13 October
From one piece Affordability Trilogy, Part 2 2 beliefs · grumpy-economist.com
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Their words
Moreover, supply- and technologically-induced deflation, goods getting cheaper as wages stay the same, is fine. We’ve seen that in electronics, and AI may bring it more widely.
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Their words
I don’t think long recessions would be necessary. That’s pure Phillips curve thinking, that the only way to lower inflation is via high unemployment.
12 October
From one piece A Great Nobel 2 beliefs · grumpy-economist.com
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korrents.com
Policy consists of rules, either explicit or inferred from repeated behavior, not actions.Their words
Policy consists of rules, either explicit or inferred from repeated behavior, not actions.
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Their words
Hall’s approach is also the cornerstone of all subsequent macroeconomics.
11 October
From one piece Affordability Part 1 2 beliefs · grumpy-economist.com
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Their words
Subsidies against fixed supply, like energy and housing, just drive prices up more.
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korrents.com
The government cannot make anything more affordable overall through taxing, spending, borrowing, or regulating.Their words
As I hope you know, the government cannot, by taxing, spending, borrowing or regulating, make anything “more affordable” overall.
1 October
From one piece An Inflation-Protected Balance Sheet 3 beliefs · grumpy-economist.com
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Their words
The general FTPL with debt on the left and surpluses on the right adapts to sticky prices by real interest rate variation.
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At a basic level, holding real assets should help central banks to control inflation.
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Central banks should hold inflation-protected bonds as the primary assets on their balance sheets.
23 September
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korrents.com
Banks oppose interest-paying stablecoins to avoid competition on checking account interest rates.Their words
Banks don’t want competition, which would force them to pay interest on checking deposits. Plain and simple.
Political economy in financial regulationgrumpy-economist.com
19 September
From one piece Better Debt 3 beliefs · grumpy-economist.com
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Their words
Simplifying a bit, the Treasury should introduce a fixed-coupon perpetuity and a fixed-value floating-rate perpetuity. These should gradually make up the bulk of government debt.
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Their words
In QE, the Treasury issued long-term bonds. The Fed bought up the long bonds, issued overnight debt, and passed the interest difference back to the Treasury. In the end, it is just as if the Treasury issued overnight debt in the first place.
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Their words
The tradeoff between cost of borrowing and how much interest rate risk taxpayers shoulder should be squarely on the shoulders of the politically-accountable Treasury not the independent Fed.
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Nothing matches.
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