WSJ has an interesting piece on Prof. Woodford’s influence on
US monetary policymaking. Doctoral students specializing in macroeconomics will
be familiar with his 2003 tome – “Interest and Prices: Foundations of a Theory
of Monetary Policy”
Meanwhile, Gerald P. O'Driscoll JR. argues that further monetary
stimulus (QE 3) will be largely futile:
“The trouble with all
forms of temporary spending is that they have no permanent effects. They delay
needed adjustments in the economy.”
Update:
Ben Bernanke's Jackson Hole speech
http://www.federalreserve.gov/newsevents/speech/bernanke20120831a.pdf
Further Updates:
Two prominent economists provide their viewpoints on timely monetary policy issues -
Martin Feldstein on the Fed and Future Inflation
Update:
Ben Bernanke's Jackson Hole speech
http://www.federalreserve.gov/newsevents/speech/bernanke20120831a.pdf
Further Updates:
Two prominent economists provide their viewpoints on timely monetary policy issues -
Martin Feldstein on the Fed and Future Inflation
John Cochrane on the Fed’s Expanding Role