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Yesterday Federal Reserve Chairman Ben Bernanke gave a speech to the Council of Foreign Relations. I heard a few soundbytes on Radio NZ National on my way home last night and was particularly interested in his comments on the concept of ‘too big to fail’. Bernanke identifies that in a crisis, authorities have strong incentives to […]
Too big to fail has to be one of the “catch phrases” of 2008. Catch phrases often deserve some fan art – however, over 2008 I didn’t see any. The Minneapolis Fed obviously felt that fan art was necessary – which lead to this banner (ht CPW): Excellent. The related post is here. In it, […]
A post by Scott Sumner said that a decade of growth in the US wasn’t good enough – and was a monetary policy failure. In New Zealand, we have had nearly a decade without a technical recession (the last one was the second half of 2010) – so has this been a monetary policy failure […]
To start off with I have to admit I like Bernard Hickey. I like the fact he has got out there, written about New Zealand economic issues, and pushed to add an open debate type platform to the discussion regarding the New Zealand economy. As a result, I may have not been critical enough when […]
Ht Big Picture To be fair, economics is a wide ranging social science and we can’t criticise some parts of the discipline on the basis of poor forecasts. Furthermore, even in the realm of economic forecasting, the goal is to paint out risks given limited data and an imperfect knowledge of the complex world around […]
Article from Dom Post on Saturday is here (*). Other New Zealanders discussing inflation targeting can be found here (*) and here (*). In order to make justify the defense of inflation targeting let me note down a few points about why inflation targeting is used and how it should work.