He's certainly the most praiseworthy as public intellectual at the Fed. The idea seems to be gaining a lot of currency in the broader conversation, but I don't know how much that will translate into a change in Fed stance. To use Evans' examples, I think it took a long time for the Fed to realize its mistake in the 70s, and in the 30s it arguably didn't have any such realization and other factors (gold devaluation, war) intervened.
TGGP, I think Yglesias later posted a Dallas Fed guy as villian. I'd like to run through all the Fed governors and get a sense where they are.
DeLong seems to remain to me the asymptotically best macroeconomist on this topic, despite his biases and all. I just wish he had more good faith competition on the top mind/top explainer area, or at least more that I was aware of.
He's certainly the most praiseworthy as public intellectual at the Fed. The idea seems to be gaining a lot of currency in the broader conversation, but I don't know how much that will translate into a change in Fed stance. To use Evans' examples, I think it took a long time for the Fed to realize its mistake in the 70s, and in the 30s it arguably didn't have any such realization and other factors (gold devaluation, war) intervened.
ReplyDeleteTGGP, I think Yglesias later posted a Dallas Fed guy as villian. I'd like to run through all the Fed governors and get a sense where they are.
ReplyDeleteDeLong seems to remain to me the asymptotically best macroeconomist on this topic, despite his biases and all. I just wish he had more good faith competition on the top mind/top explainer area, or at least more that I was aware of.
Hopefully Anonymous