Over at Equitable Growth: So as I finish my Pre-Federal Reserve Interest-Rate Liftoff Lollapalooza, I am left with three conclusions:
- Paul Krugman and Larry Summers are such amazing f#@$*%$ geniuses...
- If I simply wiped my brain, and reprogrammed the left half with Paul and the right half with Larry, I would be so much smarter than I am...
- Their influence on low-theory, analysis, and policy is immense, yet somehow... not big enough...
I confess that back when I somehow found myself taking point on the internet for the Larry-Summers-for-Fed-Chair movement, I thought that the choice between Janet and Larry had the potential to be a big deal if we wound up in the tails--that Larry might break the committee so that it could not act when it needed to, and Janet might fail to act in the absence of consensus when it need to act. But I did not think it would be a big deal anywhere near the center of the distribution.
Yet here we are in the center of the distribution, and somehow the difference the choice has made feels... substantial. Larry the Dove...
Here's the whole lollapalooza: READ MOAR
- What Is the Eccles Building Thinking Today? III: The Mysterious Absence of Paul Krugman Thought
- What Is the Eccles Building Thinking Today? II: The Reasonable People Are Very Unreasonable Indeed
- What Is the Eccles Building Thinking Today? I: The Failure to Think Through the Consequences of "Secular Stagnation"
- Must-Read Pre-Liftoff Lollapalooza: Financial Times: The Federal Reserve May Be Jumping the Gun
- Must-Read Pre-Liftoff Lollapalooza: Harriett Torry and Jon Hilsenrath: Lesson for Fed: Higher Interest Rates Haven’t Been Sticking
- Must-Read Pre-Liftoff Lollapalooza: Jon Faust: Liftoff? And then…
- Must-Read Pre-Liftoff Lollapalooza: Jared Bernstein: Will Inflation Really Snap Back Once “Temporary Factors” Abate?
- Must-Read Pre-Liftoff Lollapalooza: Tim Duy: Makes You Wonder What The Fed Is Thinking
- Must-Read Pre-Liftoff Lollapalooza: Neil Irwin: Yellen Blinks on Interest Rates
- Must-Read Pre-Liftoff Lollapalooza: Matthew Yglesias: This week, the US government will take action to slow the economy and prevent wage growth
- Must-Read Pre-Liftoff Lollapalooza: Jeff Spross: Don't do it, Fed! It's a trap!
- Must-Read Pre-Liftoff Lollapalooza: Peter Newcomb (2013): Fed Hawks Worry about Threat of Inflation
- Must-Read Pre-Liftoff Lollapalooza: Robin Wigglesworth: How the US Federal Reserve Intends to Raise Rates