Fed Up with the Fed

Despite the April job numbers, the Federal Reserve continues to slow walk the economy forward. “Federal Reserve Chair Janet Yellen and her colleagues have lowered their sights on how fast the economy needs to expand to meet their goal of cutting unemployment,” Bloomberg News has reported. “No longer are they saying growth must accelerate from the 2 percent to 2.5 percent pace it has generally averaged since the recession ended. Instead, they are stressing the importance of preventing the expansion from faltering.” Of course, the economy has been stumbling and faltering for years. Carnegie …Read more

Hungary for Change

Hungary is heating up. The country’s nationalist government has gotten its share of criticism for its erratic policies in the past, but the country’s economy has unexpectedly accelerated. “Hungary’s economy grew faster than economists estimated in the first quarter as manufacturing and construction output improved, providing a boost for the freshly re-elected government of Prime Minister Viktor Orban,” according to Bloomberg News. “Gross domestic product rose 3.5 percent from a year earlier, the quickest pace since 2006, the Budapest-based statistics office said today, citing preliminary …Read more

At The NY Fed's Liberty Street Economics: "Not Worth A Continental"

At The NY Fed's Liberty Street Economics: James Narron and David Skeie, two of the most erudite monetary officials of our era, write at the NY Fed's about the currency crisis of 1779.    Liberty Street Economics Some choice excerpts: April 11, 2014 Crisis Chronicles: Not Worth a Continental—The Currency Crisis of 1779 and Today’s European Debt Crisis During the late 1770s, a newly founded United States began to run up significant debts to finance the American Revolution. With limited access to credit and little to no tax base, the Continental Congress issued the Continental to finance the war. But by the end of the decade, …Read more

Pity Germany

Germany gets a lot of criticism these days. That is the price of success and economic health. Critics thinks you should be doing things better – even if what you are doing is much better than whatever everybody else is doing. The New York Times economics correspondent Neil Irwin has argued: "Europe has been forced to fix its internal imbalances.... largely [by forcing] steep cuts in wages and benefits on the southern European countries so that they can regain competitiveness against Germany. But there’s an easier way (or what should be an easier way). Middle-income German workers could be paid …Read more

Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

In Memoriam
Professor Jacques Rueff

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