Long-term Inflation Outlook - October 7, 2021
Modern Monetary Theory - July 10, 2019
Fighting Recessions: Monetary Policy vs. Fiscal Policy - November 11, 2021
Housing Prices and Inflation - November 29, 2021
Comments on the Federal Reserve's Section 13(3) - February 8, 2022
Decline in U.S. Manufacturing Employment Revisited - April 6, 2022
Trade, Productivity and the Decline in U.S. Manufacturing - August 1, 2022
This observation discusses some of the differences between monetary policy and fiscal policy in providing economic stimulus. It suggests that increased attention to the distributional effects of monetary policy may make decision-making more contentious and political.
Housing prices are not included in U.S. inflation measures. This observation comments on the treatment of owner-occupied housing in the CPI.
There are no easy answers.
Many economists think that strong productivity growth is the primary reason for the decline in manufacturing employment and see import competition as unimportant. Others see imports as disruptive, particularly at the local level. This note comments on the debate.