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    It’s The Micro Too

    May 3, 2011

    One of the things that keeps nagging at me, when I ponder the state of economics, is the odd coexistence of classical micro alongside various sorts of macro. Don’t forget that the entire right wing crusade of the last few decades was to make the two consistent. The rallying cry became that we should build […]

    Economics / Federal Reserve Board, GDP, inflation, interest rates, jobs, monetary policy, unemployment /

    Hoenig The Terrible

    May 3, 2011

    Ugh. There are times that really try my patience. This is one. Kansas City Fed President, Thomas Hoenig, is urging the Fed to raise interest rates in order to head off inflation. He’s an idiot. Well, I suppose I shouldn’t throw around harsh words like that, but really. What inflation? His analytical back-up? That he […]

    Economics / bank reform, banking, consumer confidence, consumption, wages /

    Banks In Search Of Borrowers?

    May 2, 2011

    Lost in all the news from Pakistan is the quarterly survey of bank lending activity released by the Fed. I usually don’t discuss this rather short and dull document, but today it is worth a brief note. American banks have ramped up their willingness to lend to its highest level in seventeen years. Yes: seventeen […]

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