Archive for Inflation
Different Kinds of CPI Bias
I am happy anytime GMU professors argue with each other, so I liked this recent post from Bryan Caplan: An argument I’ve repeatedly had with Tyler Cowen: Tyler: We’re stagnating! Bryan: No we’re not. You’re ignoring massive CPI bias. We live in an age ofconsumption-biased technological change. Official numbers don’t adequately adjust for quality improvements, […]
Read moreClarification on Sumner, Congress, and NGDP
It is clear from the comments of my last post that, as usual, people are not fully appreciating the cogency of my analysis. Before diving in, let me make sure the casual reader understands why I’m spending so much time on this guy Scott Sumner, of whom most may never have heard. It’s not that […]
Read moreThere’s Really Been a Lot of Real Shocks to the Economy
The venerable von Pepe sends me a good post by Larry White, who isn’t as sure as many of his colleagues that the world economy today is primarily troubled by inadequate demand: Scott Sumner told us in September 2009 that “the real problem was nominal,” that is, the recession and its high unemployment were primarily […]
Read moreThe Fatal Conceit
[UPDATE below.] The title of this post refers, of course, to Hayek’s warning about really smart guys thinking they understand a complex system well enough to start tinkering with it. Nick Rowe has had the generosity (and intrepidity) to hang out in the comments of my post criticizing his optimism over QE3. He told me […]
Read moreNick Rowe Is Going to Excommunicate Me
Wow. I have been immersing myself in the monetary economics blogosphere discussions, and I don’t likes what I sees. In this post I’ll talk about Nick Rowe, whom you may recall I previously dubbed a kung fu master. As with Scott Sumner, so too with Nick: I want to preface this post by saying he’s […]
Read moreExplainer: Why I Claim Scott Sumner Is Insane in the Brain
I often say that I think Scott Sumner is “insane.” Now, on the one hand I’m obviously just joking; as I’ve mentioned a few times, Scott has a good sense of humor and I think he (mostly) appreciates my jabs (though not of course my policy recommendations). On the other hand, though, I choose the […]
Read moreTIPS Breakeven Bask
Hey kids, I just want to make sure I’m interpreting these Bloomberg charts right. As usual, please be clear when you chime in, if you actually know what you’re talking about, or if you are just guessing. Guessing is welcome, but just be clear if that’s what you’re doing, please. So I think this chart […]
Read moreChapman Should Re-Read Sumner
I saw David R. Henderson link to this piece by Steve Chapman, and Bob Roddis posted it in the comments here as well. I am at “Porcfest” this week and would rather drink alcohol than think about my $500 bet. But some quick reactions: ==> I realize this might sound petty, but doesn’t there seem […]
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