That will be good news.
A target 1.3% higher than the CBO estimated NAIRU tells me this will be a slow and conservative plod that is going to hurt a lot of people, because God knows he's not going to get any help from Capitol Hill.
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re: Carney, I'm seriously considering moving to Canada.
ReplyDeleteAnd I always thought the people that said that were idiots (who moves from America to Canada???).
I think the fiscal debate is just depressing me.
ReplyDeleteThis is a step in the right direction, to be sure, and the language seems to suggest that if there isn't strong movement they're open to more aggressive action.
Nevertheless, I would still like to hear Bernanke say that, and I do think there is something fundamentally depressing about learning that the unemployment target is 6.5% (which we all know means a higher unemployment rate because the unemployment rate is just an artifact of the question wording on the Current Population Survey).
Carney is part of our plot.
ReplyDelete"who moves from America to Canada???"
ReplyDeleteWell it depends.
In the Revolution it was tories who moved North, and as their first legislative act in 1791 outlawed slavery.
In 1812 it was many more, but few stayed.
In the 1830s it was blacks. Se 1791 above.
In the 1860s some fled a secession crisis to a country no proince of which has ever seceded. See also 1791 above.
In 1914 it was a few who misguidedly wanted to fight the Germans.
In 1939 it was a brave and wiser few who wanted to fight the Germans, and who served valiantly in the RCAF or RAF.
In the 1960s it was young men fleeing a badly run war.
But smart grad students are always welcome!