Silent Inflation

Inflation targeting is supposed to reduce uncertainty about prices. But keeping the inflation target at 2% or more, might actually increase a sense of uncertainty about real things like home values or investments.

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Protecting Workers Without Tariffs

Do Spectacular Earnings Justify Spectacular US Stock Prices?

With share prices and corporate earnings moving together on a nearly one-for-one basis, one might conclude that the US stock market is behaving sensibly, simply reflecting the US economy’s growing strength. But the stock market has not always been so dismissive of the volatility of earnings.

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The Economy Grew Even Faster in Truman’s Presidency. So What?

Based solely on a few headline numbers, the American economy looks good. But it would be a mistake to read too much into the data — or to give too much credit to President Trump.

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How to Protect Workers Without Trade Tariffs

Donald Trump’s trade war is an international tragedy. But it could have a happy ending if it eventually reminds us of the risks that free trade imposes on people, and if we improve our insurance mechanisms to help them.

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Once Cut, Corporate Income Taxes Are Hard to Restore

The Trump corporate income tax cuts are the latest in a decades-long trend of tax reductions that have been substantially reversed mainly during times of war.

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The Old Allure of New Money

Practically no one, outside of computer science departments, can explain how cryptocurrencies work, and that mystery creates an aura of exclusivity, gives the new money glamour, and fills devotees with revolutionary zeal. None of this is new, and, as with past monetary innovations, a seemingly compelling story may not be enough.

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