Michael Woodford Continues to Do God’s Work

Michael Woodford continues to do God’s work on the pages of the Wall Street Journal and an in an interview withBloomberg.  In the former, he, along with Frederick Mishkin, advance the case for nominal GDP (NGDP) level targeting by showing how the current innovations to Fed policy are effectively a step in that direction.  They carefully point out these […]

Has the Great Rebalancing Already Started?

The following was written a month ago for my newsletter but because of the virus problem I had on my site I wasn’t able to post it until today. China’s official GDP growth rate has fallen sharply – on Friday Beijing announced that GDP growth for the second quarter of 2012 was a lower-than-expected 7.6% […]