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brad delong

Liquidity Risk Is Very Real And Really Not That Hard To Spot And Define

By |2016-08-23T18:46:00-04:00August 23rd, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Going back to Japan for a third time today (it is more than deserved), at least in the setup, the Financial Times on August 1 astutely picked up what the rest of the mainstream media missed about the last BoJ policy moves. They correctly judged the “dollar” intentions, but also that it wasn’t nearly enough, as I wrote earlier. However, nobody [...]

Economics of the Second Wave

By |2016-07-26T16:04:18-04:00July 26th, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There is a core fallacy at the heart of monetary policy (actually there are many, but I'll keep it to just this single instance for the sake of brevity), one that was exposed by Milton Friedman himself, though indirectly and quite accidentally related to how he proposed an alternate scenario for the Great Depression. His view was that the Fed by [...]

Second Wave A Second Time, The Second Part

By |2016-07-25T18:24:49-04:00July 25th, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

What happened in the period between 2007 and 2011 was the same that happened in 1930 and really 1931. The monetary “miracle” of the 1920’s was predicated on the same sets of inequalities and imbalances; revealed afterward in not just the crash that unwound the core processes but really in the lack of recovery that followed. We need only turn [...]

Second Wave A Second Time

By |2016-07-25T18:09:38-04:00July 25th, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It seems as if the FOMC still doesn’t know what to make of itself. In June, the May payroll report released earlier that month clearly spooked them; not even Esther George bothered to dissent in favor a rate increase. Since then, the world seems so much better. The media tells us with every new economic release how “strong” the economy [...]

Depression And Confidence

By |2016-07-22T17:52:06-04:00July 22nd, 2016|Economy, Federal Reserve/Monetary Policy, Markets|

Some people have impeccable timing. Even if by accident, there are occasions when what they say or write comes out in almost perfect sequence. At the end of August 2014, UC Berkeley economist J. Bradford DeLong wrote an article for Project Syndicate that argued in favor of proper categorization. The lack of recovery was so drastic that the economist community [...]

Doomed to Repeat

By |2014-10-07T15:08:19-04:00October 7th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

I’m not too sure about the relationship between skipping dental appointments and the tendency of markets to crash, but in terms of gaining some anecdotal insight into economic function and consistency there may be some value in tracking something like that. As I noted on a couple prior occasions, the movie business, for example, has spun a horrendous 2014 starting [...]

More Unexpected That Was Actually Expected By Unexpected Economists

By |2014-09-02T16:48:19-04:00September 2nd, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

Completing a review of last week not just inside economic performance but extended to the realm of theory landed on an article written by Brad DeLong about his changing characteristic of the US and global landscape. Mr. DeLong is noted for being a Keynesian of the first order, a fellow traveler and compatriot to Paul Krugman among others. So it [...]

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