The Grumpy Economist

John Cochrane's blog

Friday, February 3, 2023

Fair tax oped

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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...
23 comments:
Wednesday, February 1, 2023

RIP Indexed Bonds in Canada

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(An oped at Globe and Mail with Jon Hartley)  Finance Minister Chrystia Freeland recently announced that the government of Canada  will  no ...
16 comments:
Tuesday, January 31, 2023

The Fed and the Debt Limit

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What's the matter with a temporary delay in paying interest and principal on debt, if the debt limit hits? Collateral. Financial institu...
21 comments:
Saturday, January 21, 2023

A fiscal theory fest at AEI, launch podcast, and official release.

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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. ...
11 comments:
Wednesday, January 18, 2023

Two points on the debt limit, 1 serious 1 fun

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Everyone keeps repeating that hitting the debt limit would necessitate a default on principal and interest. The Treasury itself says   Faili...
25 comments:
Saturday, January 14, 2023

Waning inflation, supply and demand.

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  Source here .  Inflation seems to be waning. The conventional change from a year ago:  The month to month changes now suddenly more popula...
24 comments:
Tuesday, January 10, 2023

Cheers for Powell

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 Jay Powell's Stockholm speech lays it out with Gettysburg address clarity and brevity. Relative to usual central-bankerese it's so...
26 comments:
Friday, January 6, 2023

Strassel insight, and cheers for a long speaker tussle

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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 ...
16 comments:
Wednesday, January 4, 2023

Fun Fisherian Graph

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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...
9 comments:
Friday, December 30, 2022

Fiscal-monetary interaction

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An email correspondent sent the above graph. The title is [Federal Reserve] Liabilities and Capital: Liabilities: Earnings Remittances Due ...
22 comments:
Wednesday, December 28, 2022

Calomiris on Gramm Ekelund and Early on Income Distribution.

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Charles Calomiris has a splendid WSJ review of a great book, " The Myth of American Inequality " by by Phil Gramm, Robert Ekelund...
17 comments:
Monday, December 26, 2022

FTPL revised Ch. 5 draft

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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...
7 comments:
Friday, December 23, 2022

Stanford hates fun

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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...
30 comments:
Tuesday, December 20, 2022

Expectations and the neutrality of interest rates video

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I revised "Expectations and the neutrality of interest rates" and presented at the Hoover Economic Policy workshop. Thanks to the...
4 comments:
Thursday, December 15, 2022

CDC, more on politicized agencies

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Continuing a series on rot and politicization in administrative agencies... "Sure" comments on Marginal Revolution are fascinatin...
16 comments:
Tuesday, December 13, 2022

Second great experiment second update

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

Climate disclosures and politics by bureaucracy

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One of the most important and under-reported struggles under the radar is the politicization of administrative agencies, and the effort to c...
9 comments:
Saturday, December 10, 2022

Twitter and universities

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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...
35 comments:
Tuesday, December 6, 2022

Fiscal Theory of the Price Level discount coupon

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The Fiscal Theory of the Price Level is now available from Princeton University Press . The official release date is Jan 17, but both hard ...
7 comments:
Friday, December 2, 2022

Waller courage

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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 ...
12 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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