I’ve heard from a lot of people railing against inflation always and everywhere. Mostly, these are people who seem to know very little about economics but continue to have very strong opinions about it (Ron Paul). Krugman explains one positive effect of inflation. But in all things, moderation.
In praise of expected inflation
Real rates go negative
There [...]
Robert Barro emails me:
Did you know that the average Fed Funds rate for August was 5.0%? That is, the Fed already cut rates by a quarter point–it just did not announce it.
He is right: The intended Federal Funds rate is still at 5.25, but the actual rate was 5.02 in August.
In the preceding 13 months, [...]
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