The Grumpy Economist

Two more thoughts: 1) In the SBV debacle, many of my colleagues and friends jump to the conclusion, we should just mark all assets to market...

 Three small thoughts.  1) There is much commentary that bank troubles will interfere with the Fed's plan to lower inflation by raising ...

With amazing speed and impeccable timing, Erica Jiang, Gregor Matvos, Tomasz Piskorski, and Amit Seru analyze how exposed the rest of the b...

The Silicon Valley Bank failure strikes me as a colossal failure of bank regulation, and instructive on how rotten the whole edifice is. I w...

Home Bias in Economics Journals  is an interesting new paper by Dirk Bethmann, Felix Bransch, Michael Kvasnicka, and Abdolkarim Sadrieh (via...

From the  Wall Street Journal Feb 2. After 30 days I can post full text.  A Consumption Tax Is the Shock Our Broken System Needs Something ...

At the AEI fiscal theory event last Tuesday Tom Sargent and Eric Leeper made some key points about the current situation, with reference to...

 Two great videos just dropped related to fiscal theory.  The first is an "Uncommon Knowledge" interview with Peter Robinson. We s...

This is another post from an Economic Policy Working Group meeting at Hoover, in which simple undergraduate supply and demand analysis, crea...

On Wednesday, Erik Hurst presented a lovely paper, " The Distributional Impact of the Minimum Wage in the Short and Long Run, " w...

The Social Security Trust fund is set to run out in a few years. Who cares? Is the total US Federal debt $31,456,554,630,496.28, including T...

The main (vocal) comment on my consumption/fair tax post and oped   has been to complain about retirees who have earned income, paid taxes, ...

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 ...