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Monthly Archives: February 2011
Sveriges Riksbank raises rates again; Svensson dissents again
Yesterday, Sveriges Riksbank (central bank of Sweden) announced that it raised the main policy rate to 1.5%. This is the fifth consecutive 25 basis point increase since last summer. It also marks the twelfth time in a row that Executive … Continue reading
Mankiw on Obama’s weak sports analogy
Most are aware that N. Gregory Mankiw is an outstanding economist and economics educator. So this post will merely be a recommendation of his recent article in the New York Times: “Emerging Markets as Partners, Not Rivals“. Inspired by Barack … Continue reading
Posted in Economists, Macroeconomics, Trade
Tagged Barack Obama, Emerging markets, N. Gregory Mankiw
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No Weber after Trichet: Politics 1, Treaty 0
Jean-Claude Trichet steps down as President of the European Central Bank this October. So much is certain, if things go according to the statutes of the ECB. Things do not necessarily go according to the statutes, but it seems a … Continue reading
100 Years of the American Economic Review: The Top 20 Articles
It has been noticed by many already, but I thought I would “advertise” this Top 20 as well. In celebration of the 100 year anniversary of one of the economics profession’s top journals, a group of seasoned economists was asked … Continue reading
Simple Policy Rules or Simple Consumption Rules? A Semi-serious Comparison Based on Brain Usage
Let me start this post with a warning. As indicated by the title, it will involve semi-serious thoughts, which in this case is equivalent to semi-humorous thoughts. So the contents are intended as a sort of economists’ joke (which may … Continue reading
Posted in Macroeconomics, Monetary policy
Tagged economists' joke, Lars Svensson, policy rules, Ramsey model, Taylor rule
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A Credible Anti-Inflationary Central Bank Ignores Inflation
Today, the European Central Bank decided to keep its policy rate unchanged. I am not particularly surprised. In recent empirical work, Morten Aastrup and I estimate what determines the ECB’s interest-rate changes. It turns out that inflation or expectations thereof … Continue reading
Posted in Macroeconomics, Monetary policy
Tagged Euro, European Central Bank, John B. Taylor, Michael Woodford, Taylor rule
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State-Subsidized Early Retirement? The Big Issue in Denmark
In turbulent times where people fight for democracy in Egypt and elsewhere, I feel privileged to live in a country where the most important issue on the political agenda is whether a state-subsidized early retirement scheme should be gradually removed … Continue reading
Posted in Macroeconomics
Tagged Denmark, Early retirement, Labor supply, Pension reform
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