tag:blogger.com,1999:blog-5713178645208582139.post7544795736333409330..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: Bernanke: "Read My Lips, Not My Japan Papers!"David Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-5713178645208582139.post-17997406240848455102012-05-03T15:32:24.014-05:002012-05-03T15:32:24.014-05:00Westslope, it is the other way around. There is no...Westslope, it is the other way around. There is no "radical" FED procedures. Unemployment simply isn't that bad and is improving. This looks like to me, a typical modern recovery similiar to the early 90's or 00's but from a deeper trough and higher joblessness. Means longer recovery timeframe. <br /><br />The 79-83 recession wasn't completely recovered to late in 86. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-92006209647605355262012-05-03T03:18:21.827-05:002012-05-03T03:18:21.827-05:00Nice article, thanks for the information.Nice article, thanks for the information.sewa mobil jakartahttp://www.griyamobilkita.comnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-27190513529126872872012-04-27T18:16:55.103-05:002012-04-27T18:16:55.103-05:00Excellent blogging.
BTW, I wonder about the Fed&#...Excellent blogging.<br /><br />BTW, I wonder about the Fed's reputation, which must be more for inconsequential dithering than for inflation-fighting.<br /><br />The public does not know what is the central bank, or who is Bernanke. They only know can they get higher prices for their product or services, and/or sell more. <br /><br />They do not care about the Fed's reputation. <br /><Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-89668601169779323692012-04-27T15:20:07.094-05:002012-04-27T15:20:07.094-05:00David Beckworth: Fine, and thanks for the referen...David Beckworth: Fine, and thanks for the reference. <br /><br />That said high US unemployment rates that continue to drive radical, desperate FED policy are the result of deep structural problems. <br /><br />To give a couple of examples:<br />- under the rubrique of insecure property rights there is kill-take behaviour notably violent colonialism, ethnic cleansing, demographic flooding, etc.<Erik Poolehttps://www.blogger.com/profile/02442592238782846163noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-88486452672477569072012-04-27T13:29:02.269-05:002012-04-27T13:29:02.269-05:00Evan,
That is interesting. Given the way the Fed ...Evan,<br /><br />That is interesting. Given the way the Fed currently operates, it is very difficult to make good conditional forecasts. It would be a big step forward if the Fed would follow a rule such that make it easier to do conditional forecasts.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-20164069550778516172012-04-27T13:25:09.249-05:002012-04-27T13:25:09.249-05:00Westslope, there is no obsession with deflation. ...Westslope, there is no obsession with deflation. There is concern, however, with a lack of AD. And nowhere has the Fed claimed it is trying to solve structural problems. <br /><br />A strict price stability target is problematic because it responds to supply shocks. That's why in practice most inflation-targeting central banks use flexible inflation targeting. However, flexible inflation David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-48769540820709822952012-04-27T12:03:21.771-05:002012-04-27T12:03:21.771-05:00P.S. I would love to hear Bernanke and other FED ...P.S. I would love to hear Bernanke and other FED chairs talking more about wealth and social capital. <br /><br />It is unfortunate, certainly ironic, that at the same time the US central bank continues to try to solve structural problems with negative real overnight borrowing rates, the television is saturated in advertisements for erectile dysfunction.Erik Poolehttps://www.blogger.com/profile/02442592238782846163noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-7260641973785017482012-04-27T11:32:07.149-05:002012-04-27T11:32:07.149-05:00I don't get this obsession with deflation. NG...I don't get this obsession with deflation. NGDP targeting strikes me as an extremely bad idea.<br /><br />A price stability mandate--a zero inflation target or some price averaging target--strikes me as socially desirable. <br /><br />Would love to read Andolfatto's thoughts on the matter.Erik Poolehttps://www.blogger.com/profile/02442592238782846163noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-51807234585763893542012-04-27T11:18:12.251-05:002012-04-27T11:18:12.251-05:00Hi David,
I agree that he's backtracked signi...Hi David,<br /><br />I agree that he's backtracked significantly from his Japan papers. But he's also backtracked since January, when the "longer-run" goals announcement promised compensatory deviations in inflation. I wrote a blog post this morning, and if you have a minute I'd encourage you to take a look.<br /><br />http://esoltas.blogspot.com/2012/04/Evan Soltashttps://www.blogger.com/profile/06212305798151301158noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-89786144077185134622012-04-27T11:03:29.651-05:002012-04-27T11:03:29.651-05:00David,
Sorry I made you feel like sighing. I am ...David,<br /><br />Sorry I made you feel like sighing. I am sure using the crude term "aggregate demand" was a big part of it, but hey I am speaking the language of our Fed chairman :) Thanks for stopping by anyways.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-39490690036906615402012-04-27T10:05:55.773-05:002012-04-27T10:05:55.773-05:00David,
I felt like sighing after reading this pos...David,<br /><br />I felt like sighing after reading this post too. But not because I agree with you or Ben.David Andolfattohttps://www.blogger.com/profile/12138572028306561024noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-55688806030015687652012-04-27T08:51:47.206-05:002012-04-27T08:51:47.206-05:00my daughter would say: "get it, girlfriend!&q...my daughter would say: "get it, girlfriend!"<br /><br />what happened to the Bernanke on Jan 25th press conference (or the tv interview) who said there was a case to be made for more stimulus.<br /><br />sigh, what we have now is a defacto inflation targeting policy with 2% as the ceiling. what happened to the dual in mandate and all that crap about balanced.dwbnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-19810875791483285372012-04-26T20:22:28.050-05:002012-04-26T20:22:28.050-05:00David
You are certainly more fair towards Bernanke...David<br />You are certainly more fair towards Bernanke than I was.<br />His Japan paper was written for presentation at the AEA meetings of January 2000, so he has to cover "all the bases".<br />I still believe he is a "rabid" inflation targeter and is also "terrified" of deflation (any deflation).<br />http://thefaintofheart.wordpress.com/2012/04/25/João Marcushttps://www.blogger.com/profile/13658264244033012660noreply@blogger.com