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← Monetary policy operates with long and variable lags, so attempts to fine-tune the economy make things worse.

17 connected korrents · 11 moments from 5 Sept 2010 to 13 Oct 2026.

Everything filed under interest rates interest rates Everything filed under demographics demographics Everything filed under economists economists Everything filed under AI and jobs AI and jobs Everything filed under tariffs tariffs Everything filed under fiscal policy fiscal policy Everything filed under AI and jobs AI and jobs Same subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subject Read this korrent: Monetary policy operates with long and variable lags, so attempts to fine-tune the economy make things worse. Monetary policy operates with long andvariable lags, so attempts to fine-tunethe economy make things worse. Last stated 16 years ago 6 Sept 2010 SS Scott Sumner — holds since 2010-09-05 — tap for who they are SS Scott Sumner — no longer holds since 2010-09-06 — tap for who they are Same subject: The real interest rate in the long run is determined by market forces, not by monetary policy. — tap to centre the map on it The real interest rate in the longrun is determined by market forces,not by monetary policy. Last stated 4 weeks ago 14 Sept 2026 SS Scott Sumner — holds since 2026-09-14 — tap for who they are Same subject: Japan's decades of stagnation were caused by its shrinking working-age population rather than by its monetary policy. — tap to centre the map on it Japan's decades of stagnation werecaused by its shrinking working-agepopulation rather than by itsmonetary policy. Last stated 2 years ago 1 Nov 2024 AE Alice Evans — holds since 2024-11-01 — tap for who they are Same subject: Milton Friedman's best-known policy prescription, targeting the money supply, is no longer regarded as correct. — tap to centre the map on it Milton Friedman's best-known policyprescription, targeting the moneysupply, is no longer regarded ascorrect. Last stated 3 years ago 1 Oct 2023 TC Tyler Cowen — holds since 2023-10-01 — tap for who they are Same subject: Monetary policy works by managing expectations. — tap to centre the map on it Monetary policy works by managingexpectations. Last stated today 13 Oct 2026 BD Brad DeLong — holds since 2026-10-13 — tap for who they are Same subject: Lowering inflation does not necessarily require long recessions or high unemployment. — tap to centre the map on it Lowering inflation does notnecessarily require long recessionsor high unemployment. Last stated today 13 Oct 2026 JC John H. Cochrane — holds since 2026-10-13 — tap for who they are Same subject: Tariff policy is too erratic to reliably predict or plan around. — tap to centre the map on it Tariff policy is too erratic toreliably predict or plan around. Last stated 2 years ago 31 Mar 2025 NB Nat Bullard — holds since 2025-03-31 — tap for who they are Same subject: Automatic fiscal stabilizers give fiscal policy an advantage over monetary policy in stabilizing output because they act faster. — tap to centre the map on it Automatic fiscal stabilizers givefiscal policy an advantage overmonetary policy in stabilizingoutput because they act faster. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are Same subject: The Great Depression was produced by government mismanagement, not by instability inherent in the private economy — tap to centre the map on it The Great Depression was produced bygovernment mismanagement, not byinstability inherent in the privateeconomy MF Milton Friedman — holds since c. 1962 — tap for who they are Same subject: A bank should be managed against the fat tails it can imagine, not against the stress test its regulator hands it. — tap to centre the map on it A bank should be managed against thefat tails it can imagine, notagainst the stress test itsregulator hands it. Last stated a year ago 16 Jul 2025 JD Jamie Dimon — holds since 2025-07-16 — tap for who they are Same subject: A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. — tap to centre the map on it A central bank can eliminate aself-fulfilling ('sunspot') debtcrisis simply by credibly committingto buy as many bonds as needed atthe low interest rate. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are Same subject: A fiscal expansion when the economy is already at potential output prompts monetary tightening that dampens or eliminates its effect on output. — tap to centre the map on it A fiscal expansion when the economyis already at potential outputprompts monetary tightening thatdampens or eliminates its effect onoutput. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are Same subject: Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total. — tap to centre the map on it Central bank purchases of governmentbonds are not bailouts and do notautomatically cause inflation, sincethey only change the composition ofthe consolidated government'sliabilities, not their total. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are Same subject: Central banks should hold inflation-protected bonds as primary assets — tap to centre the map on it Central banks should holdinflation-protected bonds as primaryassets Last stated 2 weeks ago 1 Oct 2026 JC John H. Cochrane — holds since 2026-10-01 — tap for who they are Same subject: Holding real assets should help central banks control inflation. — tap to centre the map on it Holding real assets should helpcentral banks control inflation. Last stated 2 weeks ago 1 Oct 2026 JC John H. Cochrane — holds since 2026-10-01 — tap for who they are Same subject: A government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending. — tap to centre the map on it A government's debt dynamics are ahousehold's or a company's, exceptthat it can print money and tax --and those two powers are what changethe ending. Last stated 2 months ago 21 Aug 2026 RD Ray Dalio — holds since 2026-08-21 — tap for who they are Same subject: A longer average debt maturity protects a government from temporary interest-rate spikes and gives it more time to adjust to permanent rate increases. — tap to centre the map on it A longer average debt maturityprotects a government from temporaryinterest-rate spikes and gives itmore time to adjust to permanentrate increases. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are Same subject: Canceling government bonds held by a central bank creates no fiscal space, because the reduction in government interest payments is exactly offset by an equal reduction in the profits the central bank remits to the government. — tap to centre the map on it Canceling government bonds held by acentral bank creates no fiscalspace, because the reduction ingovernment interest payments isexactly offset by an equal reductionin the profits the central bankremits to the government. Last stated 4 years ago 1 Jun 2022 OB Olivier Blanchard — holds since 2022-06-01 — tap for who they are
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At the centre Monetary policy operates with long and variable lags, so attempts to fine-tune the economy make things worse. Last stated 6 Sept 2010 · 16 years ago No longer holds Scott Sumner Read this korrent →