tag:blogger.com,1999:blog-5713178645208582139.post7272872393666252048..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: A Defection from the "Open Letter to Bernanke"David Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5713178645208582139.post-56316767214044274062010-11-19T00:40:32.607-06:002010-11-19T00:40:32.607-06:00Excellent commentary.
The Sarah Palinization of th...Excellent commentary.<br />The Sarah Palinization of the Republican Party continues. Now, even "serious" R-Party thinkers are scared to state their positions. <br /><br />Where are the Bill Buckleys, the Milton Friedmans, the Everett Dirksens?<br /><br />It's Rush Limbaugh calling the shots.Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-77949714703866204932010-11-18T08:06:19.281-06:002010-11-18T08:06:19.281-06:00In today's WSJ:
"Bullard said he’s “fai...In today's WSJ: <br /><br />"Bullard said he’s “fairly confident” that QE2 will lift core inflation back up to its implicit 2% target."<br /><br />How can the economy generate 2% (core!) inflation if the Fed can't generate 2% inflation expectations? It is not clear.<br /><br />We seem to be getting further and further away from targeting expectations. The Fed seems David Pearsonnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-10487077060636368542010-11-17T18:44:39.504-06:002010-11-17T18:44:39.504-06:00It sounds as if Calomiris is supporting a growth (...It sounds as if Calomiris is supporting a growth (rather than level) target for NGDP. That strikes me as a really bad idea in general (and especially now). Essentially, it says that, when you have a recession, the only acceptable ways to get back to full employment are (1) to reduce the inflation rate or (2) to slow down productivity growth. To the extent (which I believe is a large one) that Andy Harlesshttps://www.blogger.com/profile/17582263872850949568noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-26173353676530800652010-11-17T17:03:27.787-06:002010-11-17T17:03:27.787-06:00Does McCallum favor a growth rate target for NGDP ...Does McCallum favor a growth rate target for NGDP or a growth path target.<br /><br />In my view, the only reason to support an inflation target is to avoid monetary disequilibrium from offseting supply shocks. Otherwise, a price level target is better.<br /><br />In my view, the NGDP growth path target mostly avoids the supply shock problem and so, there is no reason for a growth rate target.<Bill Woolseyhttps://www.blogger.com/profile/06330232724290161369noreply@blogger.com