Which is why I’ve been away from the blog for so long. Apologies to my regular readers (the two of you know who you are).
While I was away, there were a number of interesting debates, articles, and economic developments. In no particular order:
The Bank for International Settlements (the Central Bank to Central Banks?) demonstrated that it has learned nothing over the past 4 years, and Ryan Avent took them to school. Antonio Fatas and Simon Wren-Lewis pile on.
Greg Mankiw wrote a piece defending the spoils of the 1%, and was promptly taken to task by Jonathan Chait, Lawrence Mishel, The Economist, Josh Barro, Zack Beauchamp, Krugman, Miles Corak, Jared Bernstein, and Krugman again. I’m sure there were more take-downs (Mark Thoma and Brad Delong spring to mind) but you get the idea…Stephen Williamson defends Mankiw but I find the opposition more convincing.
The Fed butchered its most recent press conference, causing markets to revise the expected path of monetary tightening…as a result, interest rates have risen considerably over the past month or two. I’ll have more to say on this moving forward, but, for now, Ryan Avent, Tyler Cowen, Evan Soltas, Mike Konczal, Felix Salmon, Gavyn Davies, Krugman, Tim Duy, Brad Delong, and Evan Soltas again have the summaries.
CBPP came out with a new report showing that (gasp!) the federal debt levels aren’t really that bad. At all.
I read a Niall Ferguson piece and came out alive. Not unscathed (my eyes are burning) but alive.