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Marvin Goodfriend would be good for the Fed

Marvin-Goodfriend © Bloomberg It was widely reported at the weekend that the Trump administration is seriously considering the nomination of Marvin Goodfriend, a professor of economics at Carnegie-Mellon University, to one of the vacant positions on the board of governors of the Federal Reserve. As a former Fed official, a much cited academic author on monetary economics, and an impeccable conservative, he could be even a candidate to replace Janet Yellen next year. Although I do ...

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Could austerity’s impact be persistent

How Conservative macroeconomic policy may be making us persistently poorer I was happy to sign a letterfrom mainly academic economists published in the Observer yesterday, supporting the overall direction of Labour’s macroeconomic policy. I would also have been happy to sign something from the Liberal Democrats, who with a similar macroeconomic stance have the added advantage of being against Brexit, but no such letter exists. As I have said before about letters, it is the overall ...

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Gold Prices Decline Ahead of FOMC Minutes Release

Talking Points: Gold Prices Decline Ahead of FOMC Minutes Release Support Found at the 10 Day EMA at $1,249.48 Looking for additional trade ideas for gold and commodities markets? Read our gold market trading guide. Gold prices are dipping this afternoon ahead of today’s 2PM ET FOMC meeting minutes release (3May). This move is predicated on a general US Dollar rally, which has seen ...

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Still not getting it after all these years

I met Nick Macpherson, the most seniorcivil servant at the UK Treasury from 2005-16, for the first time (I think) a few weeks ago. It was at a conference about, among other things, getting economic ideas across to the public. He is also on twitter, and I saw the following exchange between him and Tony Yates.To be fair to Nick, I get many people saying the...

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North Korea’s Latest Missile Test Brings Us One Step Closer To WWIII (Here’s How We Got Here)

As time goes on, North Korea’s nuclear program is making war with the United States more and more likely. As SHTFplan.com's Daniel Lang details, we’re on a terrible path that no one knows how to escape from. On the one hand, North Korea is clearly led by an unhinged and tyrannical government that can’t be trusted with nuclear weapons. So you can understand why the US is so determined to stop their progress with these ...

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Conservative Contradictions: the limits on Red Tories

There has been much talkof Re-leavers: those who voted to Remain but are now voting for Theresa May to get the best Brexit deal. I had talked about something similar long before the term arose (see hereand the previous linked post), so I do not think this is just an artifact of particular poll questions. But I’m also sure that this is not the only reason many Remainers will vote Conservative...

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My friend Bernie…the jackass.

“These days, the American dream is more apt to be realized in South America, in places such as Ecuador, Venezuela and Argentina, where incomes are actually more equal today than they are in the land of Horatio Alger. Who’s the banana republic now?”

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Why are the UK and US more vulnerable to right wing populism?

Cartoon by @ThomasHTaylor A week or so ago, anticipating Macron’s victory and following defeats of the far right in Holland and Austria, I asked on twitter why the US and UK seem to be more susceptible to right wing populism than elsewhere. It is a question that requires much more than a post to answer, but I thought the replies to my question were interesting. Quite rightly, a large number of people questioned the ...

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Why Brexit means more than Brexit

Some people think I go on about Brexit too much. That is easy to explain. The costs of a no deal Brexit almost certainly exceed the cost of UK austerity for the average UK citizen, and I went on about austerity a great deal because its costs exceeded those of anything else in macroeconomics. But for me there is something else about Brexit that I find deeply worrying. It is that...

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Is US productivity (finally) perking up?

The dire performance of labour productivity growth in the global economic recovery – the so-called “productivity puzzle” – is by far the most depressing feature of recent economic performance in the big economies. Growth in total-factor productivity in the advanced economies (i.e. the efficiency of labour and the capital stock combined) has fallen to zero in recent years, compared with a little below...

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