==> I am pretty sure this is checkmate for Scott’s attempt to reason from a price change regarding the ECB. Note, I’m not claiming I’ve won the whole tournament–just this particular game.
==> I break out my undergrad Public Choice text to argue that the work of Niskanen is at serious tension with (some of) what the new Niskanen Center is doing.
==> Someone help me out here: What the heck is Brad DeLong talking about, when he says such-and-such an interest rate cut would lead to only a 6% increase in the price of a long-duration asset? Can anybody reverse engineer his calculation so I can be sure of what he’s saying? I think he’s totally wrong but I’d feel more comfortable if I knew exactly how he got that number, before going on the attack.