tag:blogger.com,1999:blog-1740670447258719504.post6764848468175337249..comments2024-03-27T03:00:27.024-04:00Comments on Facts & other stubborn things: Options on interpreting the Fed announcementEvanhttp://www.blogger.com/profile/12259004160963531720noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1740670447258719504.post-76344921914341571432012-12-13T10:54:24.180-05:002012-12-13T10:54:24.180-05:00Chase that old data!Chase that old data!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-20416104358583578302012-12-13T10:16:46.298-05:002012-12-13T10:16:46.298-05:00John, we have been over how ignorant this "th...John, we have been over how ignorant this "they said monetary policy won't work" a million times on here. Maybe you weren't there for those discussions, but all I can say is: "asked and answered".<br /><br />Read what they actually wrote, please.<br /><br />The claims were that you can't reduce interest rates and get stimulus from that channel. Conventional monetary policy is out the window, which is not to say that monetary policy is.<br /><br />"Courageous" is not a word that comes to mind when I think of Mulligan.<br /><br />The problem is not sticky wages.<br /><br />Anyway, this comment just drives the point home for me that you need to do a video advocating monetary stimulus. Do you have any plans for that? <br /><br />Daniel Kuehnhttp://www.factsandotherstubbornthings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-69201862481582657942012-12-13T10:02:47.863-05:002012-12-13T10:02:47.863-05:00One has to wonder, why aren't we hearing the k...One has to wonder, why aren't we hearing the kinds of "monetary policy is out of bullets" talk NOW that we were hearing from the likes of Krugman and Delong in 2008/09 when rates were actually higher?<br /><br />And why is the fed STILL paying interest on reserves if their goal is expansionary policy? That part looks like a crony bank bailout to me, which I guess is consistent with Bernanke's view of protecting the banks at all cost to maintain the "credit channel".<br /><br />I don't think it's crazy to imagine that we're currently up against structural unemployment due at least in part to the issues raised courageously by Casey Mulligan. Policy has made wages MORE sticky downward, not less. This tendency to rely on a macro framework that's all about sticky wages and then make them MORE sticky is one of the reasons I question the seriousness of the Keynesians in power (that and the attempts to hike taxes now, of course).John Papolahttps://www.blogger.com/profile/11186935861240788317noreply@blogger.com