See my op-ed on limiting the term of the Fed chair, syndicated by the McClatchy-Tribune News Service.
Barack Obama recently indicated that he is unlikely to reappoint Ben Bernanke as chairman of the Federal Reserve when his term expires next January. Understandably, the media is focused on who might succeed Bernanke to lead the US central bank. After all, the chairman of the Federal Reserve is often described as the second most … Read more
A couple of weeks ago, the Economist magazine ran an unusual “help wanted” ad. The Governor of the Bank of England, Sir Mervyn King, will retire in June and the British government is looking for a replacement. On the one hand, it might seem like a great job. The Governor receives a salary of £300,000, … Read more
Writing in Thursday’s Wall Street Journal, John Taylor takes the Federal Reserve to task for its “interventionist” behavior. Taylor’s main complaint with the Fed’s conduct of monetary policy is that it is unstable and unpredictable (verging on the whimsical!). He argues that this stems in part from the Fed’s mandate to pursue low unemployment in … Read more
Texas Governor and Republican presidential candidate Rick Perry, “…brought the Fed directly into the campaign debate Monday night by saying it would be ‘almost … treasonous’ for the central bank to play politics by expanding the money supply. “‘If this guy prints more money between now and the election,’ Mr. Perry said in Cedar Rapids … Read more
In a very entertaining piece in this weekend’s Wall Street Journal, Joe Queenen gripes about how economists measure inflation. He starts by lamenting the high cost of everything from gas, to bagels, to coffee. “You can imagine my surprise,” he continues, “when the latest economic data came out and we were told that inflation wasn’t … Read more
The Wall Street Journal has demonstrated nostalgia for the gold standard by publishing two pro-gold standard opinion pieces this week. Both are long on nostalgia and short on analytical content. On Tuesday, long-time gold enthusiast Lewis Lehrman made his pitch, arguing that a return to the gold standard was necessary to restore fiscal balance. I … Read more