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Pulling up the inflation anchor Feb 25,2021 - Last updated at Feb 25,2021 CAMBRIDGE — Five decades ago, the United States’ biggest macroeconomic problem was high inflation, which averaged more than 6% in the 1970s and rose to as high as 10% by the end of the decade. Then came US Federal Reserve Chair Paul Volcker, who was appointed by President Jimmy Carter in 1979 and reappointed in 1983 by President Ronald Reagan. In 1981, Volcker famously broke the back of inflation through a policy of high interest rates. By sticking to this policy despite a recession, he convinced financial markets, ...

Calculating GDP is usually relatively uncomplicated. The total amount of household consumption of goods and services is summed with corporate investments, government disbursals, and total nationwide exports and imports during a given period. By knowing how the economy has behaved previously and the trajectory of primary economic variables such as interest and foreign exchange rates, the performance of principal trading partners, and current prices of exports, among other factors, it is possible to predict the country’s production and consumption over subsequent months and years. The same pr...

Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: Biden’s economic plan, Yellen’s debt dilemma, and deficits in a zero-interest-rate world. CARES Act Redux We ran an editorial this morning on Biden’s stimulus plan, which looks more like a structural economic-reform package than an emergency-spending bill. The proposal ...

Tail risks But it is still worth keeping an eye on N 1975 Adam Fergusson, a journalist on the Times, published a book called “When Money Dies”. A history of hyperinflation in Germany in the early 1920s, it was written with an eye to what was going on in the then-present day. Inflation in Britain was not at the prices-soaring-day-by-day levels seen in the Weimar Republic. But in 1975 it reached an unprecedented 24%—grim enough for Fergusson’s warning that the experience of inflation was “totally absorbing, demanding complete attention while it lasts” to hit home. Listen to this st...

Both mommy and daddy. everyone talks about the american family shattering but will not face what is happening to the forces for fear of again, political correctness. before we start throwing money at ways to support the feminist idea, stop the hypocrisy and see the facts. something is drastically wrong and men and women are the irrational claims of angry feminists. if the subject of women in combat can't be given an open hearing, it's left to journalist to do their homework and discuss it honestly. they might even consider what former marine corps commandant general robert barro told congress ...