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Bill Niskanen: Monetary Policy Radical
Several days ago a colleague of mine, having been sent a copy ofthe Niskanen Center ’s recent conspectus, wondered whetherBill Niskanen, the former Chairman of the Cato Institute after whom the Niskanen Center is named, would have agreed with a claim it made. The claim was that promoting sound monetary policy was basically a matter of encouraging “policymakers to support the Federal Reserve’s dual-mandate” and of getting “pro-growth” candidates appointed to the Board of Governors.My short answer to the question was, “No.” But it occurs to me that that answer is worth fleshing-out here, because many people m...
Source: Cato-at-liberty - December 21, 2017 Category: American Health Authors: George Selgin Source Type: blogs
Some " Serious " Theoretical Writings That Favor NGDP Targeting
On Twitter last week Stephen Williamson wrote that he was “puzzled by the infatuation with NGDP targeting. We have good reasons to care about the path for the price level and the path for real GDP. Idea seems to be that if you smooth Py that you get optimal paths for P and y. That’s hardly obvious, and doesn’t fall out of any serious theory I’m awa re of.”I ’m not exactly sure what Stephen means by a “serious theory.” But if he means coherent and thoughtful theoretical arguments by well-respected (and presumably “serious”) economists, then there are all sorts of “serious theories” out there to which...
Source: Cato-at-liberty - June 19, 2018 Category: American Health Authors: George Selgin Source Type: blogs
Conference on Drug Pricing Inject New Statistics Into Debate, Few New Insights (Part 2 of 2)
The first part of this article described the upward pressures on costs and some of the philosophical debates over remedies. This section continues the discussion with several different angles on costs.
Universal access and innovation
It’s easy to call health care a human right. But consider an analogy: housing could also be considered a human right, yet no one has the right to a twenty-room mansion. Modern drug and genetic research are creating the equivalents of many twenty-room mansions, and taking up residence means the difference between life and death for someone, or perhaps between a long productive life and on...
Source: EMR and HIPAA - November 9, 2018 Category: Information Technology Authors: Andy Oram Tags: Healthcare Reform Medical Economics Personalized Medicine Precision Medicine Drug Pricing Healthcare Costs Medication Pricing Source Type: blogs
Angels of Death
The news that somebody at a West Virginia VA medical center wasapparently murdering patients with insulin overdoses is the latest reminder of a phenomenon that occurs disturbingly often. The denominator of all the medical professionals in the world is obviously very large, so the dozens who have been identified as serial killers don ' t mean you are at notable risk, but still. Actually there must be many more since one of the perks of being a physician or a nurse is that you can get away with being a serial killer pretty easily.The most notorious is probably the British GP Harold Shipman,who killed at least 218 of his own ...
Source: Stayin' Alive - August 28, 2019 Category: American Health Source Type: blogs
Don ’t Ban H-1B Workers: They are Worth Their Weight in Innovation
Alex NowrastehThe Trump Administration is reportedly working on anexecutive order to ban the issuance of new H-1B visas. His order is expected to be issued before the end of this month. His order would be quite a negative blow to the U.S. economy and hit American economic innovation the hardest. The H-1B visa system has problems: It ’s unreasonably costly to change firms, workers are restrained from starting their own firms, and the wait times to adjust their status to a green card are absurdly long. Complete H-1B worker portability between firms, allowing workers to sponsor themselves if they start a firm...
Source: Cato-at-liberty - May 14, 2020 Category: American Health Authors: Alex Nowrasteh Source Type: blogs
Two Sorts of Average Inflation Targeting
George SelginIt occurs to me that recent discussions of the Fed ' s new average inflation targeting plan gloss over a subtle distinction between two different kinds of Average Inflation Targeting (AIT). Hence this post explaining the difference, and why I think it matters.The difference between the two sorts of AIT that I have in mind is subtle, so pay close attention! It hinges not on any different central bank objectives or reaction function parameters or that sort of thing, but on two different reasons why a central bank might find that it has veered from its inflation target in the first place. A central bank may fail ...
Source: Cato-at-liberty - September 29, 2020 Category: American Health Authors: George Selgin Source Type: blogs
President Biden and Labor Unions
Chris EdwardsJoe Biden is old. He has been in politics since 1970 and holds antiquated views. On the campaign trail, he used expressions such as “malarkey” and said that kids should listen to the “record player.”President Biden ’s views on labor unions are similarly archaic. Unions appear to be central to his view of the economy, yet few private‐sector workers are in unions today. ThisBiden campaign statement, which is ostensibly about clean energy, promotes labor unions 32 times. Biden wants to “create millions of good, union jobs rebuilding America’s crumbling infrastructure,” wants to “ensure thes...
Source: Cato-at-liberty - January 29, 2021 Category: American Health Authors: Chris Edwards Source Type: blogs
Fiscal Dominance and Fed Complacency
ConclusionWhile Fed Governor Waller provides a strong case for Fed independence and for separating fiscal from monetary policy, his complacency about the risk of fiscal dominance ignores historical episodes of capturing the Fed for fiscal purposes during peacetime. In particular, since 2007 the Fed has moved closer to fiscal dominance by its i ntrusion into the fiscal space, using Section 13(3) emergency credit allocation and lending (e.g., housing finance, corporate debt, municipal bonds, and Main Street lending), and monetizing government debt. Moreover, with rising levels of debt to GDP, there is a plausible case tha...
Source: Cato-at-liberty - April 8, 2021 Category: American Health Authors: James A. Dorn Source Type: blogs
Central Banking and Climate Change
ConclusionRadical uncertainty cannot easily be eliminated, but steps can be taken to reduce institutional uncertainty. By adopting arules-based approach to monetary policy, central banks would be more limited, there would be greater certainty about the course of monetary policy, and public expectations regarding the role of monetary policy would be more realistic. There would also be a sharper line between fiscal and monetary policy, which would increase central bank credibility and independence.Instead of having the Fed subsidize green bonds or use negative interest rates to steer funds into green investments, it would be...
Source: Cato-at-liberty - October 1, 2021 Category: American Health Authors: James A. Dorn Source Type: blogs
The Menace of Fiscal Inflation
ConclusionTo say that“inflation is always and everywhere a monetary phenomenon” is not to say that fiscal policy doesn ’t matter. “Fiscal inflation” is indeed “a menace,” as Cochrane and others have argued. Few experts predicted the shift from low inflation before the pandemic to nearly 9 percent CPI inflation today. Policymakers largely ignored the implications of the post-2008 operating system, the close dance between cumulative federal deficits and M2 growth, and the risk of adhering to the Fed’s “lower for longer” recipe for its policy rate in the hope of stimulating asset markets and the economy wi...
Source: Cato-at-liberty - June 16, 2022 Category: American Health Authors: James A. Dorn Source Type: blogs
The Macro View – Health, Economics, and Politics and the Big Picture. What I Am Watching Here And Abroad.
September 15, 2022 Edition-----The death of QE2 has rather dominated the news for the last week or so and will probably pass after the funeral today.Otherwise the war in Ukraine seems to be in a turning phase. I hope that continues into the eventual getting rid of the Russians from Ukrainian territory!In OZ life goes on much as usual just awaiting the mourning period to pass,-----Major Issues.-----https://www.afr.com/policy/foreign-affairs/what-australia-should-do-about-taiwan-20220904-p5bf7iWhat Australia should do about TaiwanCanberra cannot be silent if US policy on Taiwanese independence changes. Quiet diplomacy is cal...
Source: Australian Health Information Technology - September 15, 2022 Category: Information Technology Authors: Dr David G More MB PhD Source Type: blogs
Mentoring: It ’s In Our Genes
Anyone who’s spent time in an academic science lab has probably heard about lab culture. Many labs boast long, rigorous working hours, while others require graduate students and postdoctoral trainees (postdocs) to meet often-unattainable experiment quotas each week. But is sheer quantity really the gold standard we want to hold ourselves to when it comes to training the next generation of scientists?
The #MentorFirst logo. Credit: www.MentorFirst.org.
Neil Garg, Ph.D., Distinguished Professor and chair of the department of chemistry and biochemistry at the University of California Los Angeles (UCLA), and Jen Heemstr...
Source: Biomedical Beat Blog - National Institute of General Medical Sciences - January 18, 2023 Category: Research Authors: Chrissa Chverchko Tags: Being a Scientist STEM Education Training Source Type: blogs
The New Deal and Recovery, Part 25: The RFC, Continued
George Selgin(This is the second installment of a three-part essay. The first part ishere.)Big Engines that Couldn ' tAlthough Hoover ' s Reconstruction Finance Corporation (RFC) was " more largely a banker ' s loan bank than anything else " (Ebersole 1933, 477), financial institutions were never the only firms eligible for its support. Railroads were an important exception from the start, though they were so mainly because financial institutions, commercial banks, and insurance companies especially, were railroads ' main investors. Thanks to New York and other state regulatory authorities ' inclusion of many railroad bond...
Source: Cato-at-liberty - March 20, 2023 Category: American Health Authors: George Selgin Source Type: blogs
