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Another reason to impeach Trump

Here’s Yahoo Finance: Trump “knows it will play well, not only with the stock markets, but with the voters here in the U.S., that he’s finally resolved this long trade war, this costly trade war for Americans,” said Brett Bruen, president of the Global Situation Room and former White House Director of Global Engagement on […]

What role do we want the monetary base to serve?

Over at Econlog, I have a new post discussing the Fed’s opposition to narrow banking, and specifically John Cochrane’s excellent post criticizing the Fed’s position. I’ll eventually get to narrow banking in this post, but first I’d like to consider some basic questions about the monetary base, which are rarely asked. Before 1913, the US […]

Who predicted what, when and why

Let’s go back to March 3, 2009.  Here’s Paul Krugman: As Brad DeLong says, sigh. Greg Mankiw challenges the administration’s prediction of relatively fast growth a few years from now on the basis that real GDP may have a unit root — that is, there’s no tendency for bad years to be offset by good […]

Seeing Lu Mountain

Brad DeLong has a post discussing a debate between Paul Krugman and Roger Farmer: I find myself genuinely split here. When I look at the size of the housing bubble that triggered the Lesser Depression from which we are still suffering, it looks at least an order of magnitude too small to be a key […]

The New Normal (Bill Woolsey wins)

In a post written 7 months ago I predicted that 3% NGDP growth would become the new normal: It’s becoming increasingly clear that when the labor market recovers, RGDP growth will be very slow, maybe 1.2%.  Add in about 1.8% on the GDP deflator, and 3% NGDP growth looks like the new normal, assuming the […]