On October 13, Federal Reserve Bank of St. Louis economist Michael McCracken published an article examining disagreements among members of the FOMC on monetary policy. He finds that they are highly correlated with differences in regional unemployment rates.
Also on October 13, University of California, San Diego economist James Hamilton posted a commentary on why the Fed needs to be concerned about preventing deflation.
And on October 13, the Federal Reserve Bank of St. Louis published a briefing on the potential effect of further quantitative easing by the Fed.
On October 12, the Federal Reserve released the minutes of its September 21 meeting. In a post that same day economist David Beckworth said it was highly significant that the Fed is now talking about targeting nominal GDP.
And on October 12, Federal Reserve Bank of Kansas City president Thomas Hoenig gave a speech in which he reiterated his oft-stated belief that the risks of further Fed easing outweigh the benefits.
On October 11, newly-confirmed Federal Reserve Board Vice Chair Janet Yellen gave a speech in which she discussed lessons for monetary policymakers from the economic crisis.
In an October 8 commentary, Peterson Institute economist Jacob Kirkegaard warns that further quantitative easing by the Federal Reserve may create funding problems for defined benefit pension plans.
Also on October 8, Northern Trust economist Paul Kasriel published a commentary on the potential effect of further quantitative easing by the Fed. He thinks it will depend on whether it encourages banks to increase lending.
On October 7, Federal Reserve Bank of Dallas president Richard Fisher gave a speech earned against putting the “monetary pedal to the metal.” He points to the vast amount of liquidity already available in the banking system and in corporate accounts and questions whether doing more of what isn’t working makes sense.
Also on October 7, St. Lawrence University economist Steven Horowitz posted a working paper on why inflation is right around the corner. (Note: economists with his point of view have been predicting a reappearance of inflation for almost two years with no evidence of it yet.)
On October 6, Columbia University economist Joseph Stiglitz published a commentary that is highly critical of Federal Reserve policy over the last 10 years.
Also on October 6, the Federal Reserve Bank of St. Louis published a study examining the relationship between the fed funds rate and changes in reserves.
An October 5 report from Morgan Stanley examined the low level of inflation, which is hindering growth.
A September 30 report from Reuters detailed the inside information that many private economists and investors get from the Federal Reserve. Although legal, it appears to be in conflict with the spirit of the laws against insider trading.
I last posted items on this topic on October 5.
Bruce Bartlett is an American historian and columnist who focuses on the intersection between politics and economics. He blogs daily and writes a weekly column at The Fiscal Times. Read his most recent column here. Bartlett has written for Forbes Magazine and Creators Syndicate, and his work is informed by many years in government, including as a senior policy analyst in the Reagan White House. He is the author of seven books including the New York Times best-seller, Impostor: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy (Doubleday, 2006).
