The Grumpy Economist

John Cochrane's blog

Sunday, July 3, 2022

How much do interest rates help?

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So if the Fed raises interest rates, how much and how soon will that help inflation? For another project , I went back to Valerie Ramey'...
Sunday, June 19, 2022

Economic Freedom in the Alito Draft

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I read the draft Supreme Court decision on Roe v. Wade . I was surprised that the draft so quickly prejudges economic liberty, which I thoug...
15 comments:
Thursday, June 16, 2022

Fiscal Histories

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Fiscal Histories  is a new paper, a second try at an essay on fiscal theory for the Journal of Economic Perspectives.  The basic concept ...
17 comments:
Tuesday, June 14, 2022

ECB word salad hubris

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The   Speech  by the ECB's Isabel Schnabel, advertised on the official ECB twitter stream  caused a characteristically grumpy outburst ...
16 comments:
Monday, June 13, 2022

AEA P&P, a measure of an organization

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The American Economics Association papers and proceedings are out. This is a selection of the selection of papers presented at the AEA annua...
17 comments:
Thursday, June 9, 2022

Climate finance emperor update

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I wrote a review of Stuart Kirk's climate finance speech , which among other things criticized the Dutch Central Bank for putting finger...
14 comments:
Wednesday, June 8, 2022

The Phillips Curve

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Behold the Phillips curve, one more statistical correlation treated as an eternal verity that our inflationary era has just undermined.  Fro...
16 comments:
Tuesday, May 24, 2022

Monetary policy conference; and inflation past present and future

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On May 6 the annual Hoover monetary policy conference returned. It was great. In particular, the opening panels by Rich Clarida, Larry Summ...
34 comments:

Sloar panel tariffs

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  T.J Rodgers in the Wall Street Journal is classic:  Solar panels are key to the transition to carbon-free energy. Since the Earth will be...
9 comments:
Monday, May 23, 2022

The climate finance emperor's clothes

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Stuart Kirk of HSBC (head of worldwide responsible investing!) gave an eloquent short speech on climate financial risk.   Youtube link  in c...
19 comments:
Saturday, April 16, 2022

Regulatory capture: trucking edition

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Dominic Pino has a lovely National Review article on Mexican trucks. Watch the sausage in the making. Excerpts with commentary Congress ban...
21 comments:
Friday, April 15, 2022

Video week

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It's been a busy week for video. I started Monday with a good roundtable with Benn Steil at the Council on Foreign Relations " Unde...
3 comments:

Inflation and the end of illusions.

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An oped at Project Syndicate Inflation’s return marks a tipping point. Demand has hit the brick wall of supply. Our economies are now produ...
32 comments:
Sunday, April 10, 2022

Fed psychology updates

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Updates and rumination on my last few posts, why has the Fed responded so slowly to inflation. ( Last post )  1. Forward guidance?  For the ...
8 comments:
Thursday, April 7, 2022

Is the Fed new-Keynesian?

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I realize that the title of my last post, Is the Fed Fisherian?  was not as clear as it could be. The model I used to understand the Fed&...
9 comments:
Monday, April 4, 2022

Is the Fed Fisherian?

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The current situation, and puzzling inertia Inflation has been with us for a year; it is 7.9% and trending up. March 15, the Fed finally ...
27 comments:
Thursday, March 31, 2022

Will inflation persist?

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(Note: this post uses Mathjax equations. If you see garbage, come back to the original .) Introduction Will inflation persist? One ...
17 comments:
Tuesday, March 22, 2022

SEC climate update

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Three additional thoughts on climate financial regulation, building on the last post about the SEC   1) A big question about SEC and relate...
13 comments:
Monday, March 21, 2022

SEC takes on climate

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From March 21 SEC press release , covering the 510 page proposed rule  on climate disclosures. (The colleague who pointed me to this descri...
19 comments:
Thursday, March 17, 2022

Goodfellows mail

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  Viewer mail, on Ukraine. I think it was a really good conversation. Direct Link
3 comments:
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About Me and This Blog

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John H. Cochrane
This is a blog of news, views, and commentary, from a humorous free-market point of view. After one too many rants at the dinner table, my kids called me "the grumpy economist," and hence this blog and its title. In real life I'm a Senior Fellow of the Hoover Institution at Stanford. I was formerly a professor at the University of Chicago Booth School of Business. I'm also an adjunct scholar of the Cato Institute. I'm not really grumpy by the way! Any opinions I express are mine alone and do not represent the position of the Hoover Institution or Stanford University.
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