The Grumpy Economist

Illustration by Andrew Rae, source New York Times Adam Davidson has a very nice New York Times Magazine article, " Debunking the M...

A new  paper by that title, here . I propose a new structure for U. S. Federal debt. All debt should be perpetual, paying coupons forever ...

I learned an interesting continuous time trick recently. The context is a note, " The fragile benefits of endowment destruction ...

In my view, health care supply restrictions are more important than the insurance or demand features that dominate public discussion. If you...

Claudio Borio, Magdalena Erdem, Andrew Filardo and Boris Hofmann have a nice paper, " The costs of deflations: a historical perspective...

David Levine has a very nice post on the Keynesian Illusion . David Levine's analogy for Stimulus Some big themes: Standard Keynes...

I attended the NBER EFG (economic fluctuations and growth) meeting a few weeks ago, and saw a very nice paper by Rabah Arezki, Valerie Rame...

Darrell Duffie and Jeremy Stein have a nice paper, " Reforming LIBOR and Other Financial-Market Benchmarks " I learned some import...

I don't often just post links, but sometimes a post is so good, and so complete, it just needs reading without comment. Marginal Revol...

Greg Mankiw has a nice op-ed on dynamic scoring The issue: When the congressional budget office "scores" legislation, figuring o...

(This post is based on a few talks I've given lately. There's not much terribly new. But the effort to revisit, clarify and repackag...

Thanks to a comment on the last post , I found The Fed working paper explaining Fed's thinking about overnight reverse repurchases, Ove...

This is a talk I gave at the joint Mercatus/Cato "After Dodd-Frank" conference  last spring.  It's based on Toward a Run-Fre...

I read the  minutes of the January FOMC meeting . (I was preparing for an interview with WSJ's Mary Kissel ) There is a lot more interes...

I stumbled across this nice article, " Narrow Banking" by George Pennacchi . The first part has a informative capsule history of U...

From taxis to banks, regulation is quickly captured to stifle competition. Only it's usually polite not to say it out loud. Today's ...

Louise Bowman at Euromoney reports Fidelity Investments has announced plans to convert up to $125 billion-worth of prime US money market f...

Steve Williamson has an excellent blog post " Pining for the Fjords " Point 1, the Phillips curve is dead, UK version. (And, too m...

Once again, the news is full of opinions that Greece might be forced to leave the Euro. Once again, it makes little sense to me. U.S. corpor...

Rüdiger Bachmann, Tim Berg, and Eric Sims have an interesting article, "I nflation Expectations and Readiness to Spend: Cross-Sectional...