The Grumpy Economist

An Oped in the Wall Street Journal on the "fair tax" proposal. As usual, I have to wait 30 days to post the full version  The bil...

(An oped at Globe and Mail with Jon Hartley)  Finance Minister Chrystia Freeland recently announced that the government of Canada  will  no ...

What's the matter with a temporary delay in paying interest and principal on debt, if the debt limit hits? Collateral. Financial institu...

Mark your calendars! February 28th 3:00 PM eastern the AEI's Michael Strain will host a zoom event on Fiscal Theory of the Price Level. ...

Everyone keeps repeating that hitting the debt limit would necessitate a default on principal and interest. The Treasury itself says   Faili...

  Source here .  Inflation seems to be waning. The conventional change from a year ago:  The month to month changes now suddenly more popula...

 Jay Powell's Stockholm speech lays it out with Gettysburg address clarity and brevity. Relative to usual central-bankerese it's so...

I'm a policy wonk, but I care very little about politics, who is up and who is down. The house speaker voting coverage has been largely ...

In working on a revision to fiscal theory of the price level chapter 5 on sticky price models, and a revision of " Expectations and t...

An email correspondent sent the above graph. The title is [Federal Reserve] Liabilities and Capital: Liabilities: Earnings Remittances Due ...

Charles Calomiris has a splendid WSJ review of a great book, " The Myth of American Inequality " by by Phil Gramm, Robert Ekelund...

The book isn't out yet, but I can't help myself... A revised draft of Chapter 5, fiscal theory in sticky price models is up on my we...

Source: Stanford Daily Stanford hates fun is the title of the second Stanford article in the Wall Street Journal this week. (On the first, S...

I revised "Expectations and the neutrality of interest rates" and presented at the Hoover Economic Policy workshop. Thanks to the...

Continuing a series on rot and politicization in administrative agencies... "Sure" comments on Marginal Revolution are fascinatin...

The November CPI is in, and inflation continues to moderate despite interest rates that, while rising, are still below current inflation. Th...

One of the most important and under-reported struggles under the radar is the politicization of administrative agencies, and the effort to c...

From Rob Wiesenthal at the Wall Street Journal  re Elon Musk and Twitter:  Minutes after closing his purchase of the company, he started a p...

The Fiscal Theory of the Price Level is now available from Princeton University Press . The official release date is Jan 17, but both hard ...

While the rest of the Fed climbs on the maybe-anvils-might-fall-from-the sky climate financial risk fantasy,  Chris Waller has the courage ...