Economics

Fred Thompson: The LRO’S Research on Measure 97

Updated: 2024-04-22 05:29:05

: : Wednesday , September 21, 2016 Fred Thompson : The LRO’S Research on Measure 97 Fred Thompson checks in with the forth in a series of posts on Measure 97 IP28 Proponents of Measure 97 deny that most of its burden will be shifted forward to consumers and that it will thereby reduce the progressivity of Oregon’s tax system . Moreover , they have consistently questioned the expertise and impartiality of the Legislative Revenue Office LRO for reporting that both claims are likely correct In my opinion , their criticism of the LRO is entirely unjustified . If anything , the LRO has bent over backwards to treat M-97 in an even-handed . fashion It is very hard to address these issues without getting wonky , but I’ll start by saying that economists who study tax questions agree that taxes on

The Fed's New Framework

Updated: 2024-04-22 05:29:04

: Macro Musings Blog Pages Wednesday , September 2, 2020 The Fed's New Framework I have a new article presenting my take on the Fed's new average inflation target AIT It includes an explanation of how it works compared to the Fed's previous inflation target and what it could mean for the recovery . I note that although AIT it is not quite a NGDP level target , it is a step in that direction . Moreover , it could lead other central banks to follow suit . Check it out Also , here is an earlier piece I wrote on make-up policy and how it could be best implemented via a NGDP level target . It was published before the big announcement last . week Finally , here is St . Louis Fed President Jim Bullard's take on AIT . He explains how this new framework gets us fairly close to NGDP level targeting

Some Assorted Macro Musings

Updated: 2024-04-22 05:29:03

: Macro Musings Blog Pages Monday , September 9, 2019 Some Assorted Macro Musings Dollar Dominance I have been part of a dollar dominance conversation for the past few weeks . It started with my NRO , article discussions on the topic at the Jackson Hole conference , and a follow-up blog post Later , there were twitter conversations , an i nterview on Bloomberg TV and several podcast recordings . This all culminated in an article I wrote for The Bridge that summarizes what I see as the main issues of dollar dominance and what realistically can be done about it . Check it out and also see the follow-up twitter thread I provided that documents some of the claims made in the . piece Paul Volcker is What the Public Wanted Back in May , I interviewed Robert Samuelson about his book on the Great

FOMC Preview: "We Have the Nerve to Invert the Curve"

Updated: 2024-04-22 05:29:03

: : Macro Musings Blog Pages Friday , September 21, 2018 FOMC Preview : We Have the Nerve to Invert the Curve The quote in the title should be the motto for the 2018-2019 FOMC . For the FOMC is set to raise its interest rate target next week and expected to raise it several times more in 2019 despite a flattening treasury yield . curve As seen in the above chart , the outright inversion of the treasury yield typically leads to a recession . nbsp Despite this robust pattern a growing number of Fed officials have become emboldened in their dismissal of it since this time is different . As Caroline Baum notes , nbsp In April , John Williams acknowledged that an inverted yield curve is a powerful signal of , recessions based on a significant body of research including that by staff economists