Monetary Non-Neutrality

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This piece follows from my previous two-part post: “High Inflation: Where Did It Come From, Part I and Part II.” Basically, that was an attempt to debunk some typical narratives about the sources of our current high inflation numbers, and to come up with a reasonable story that…
Stephen Williamson
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[Continued from Part I.] Sometimes people think of an increase in oil prices as a negative supply shock. What about that? Chart 9 So, in dollar terms…
Stephen Williamson
[This piece is in two parts (due to email constraints - if you subscribe you get the post by email), dealing with the sources of the high inflation…
Stephen Williamson
I wrote a piece for the C.D. Howe Institute in April 2021, making the case that the Bank of Canada should keep the then-existing agreement with the…
Stephen Williamson
Much like in the United States (as discussed in this post), events in Canada are not unfolding as envisioned by the central bank at the beginning of the…
Stephen Williamson
1
Events are not evolving as people on the FOMC envisioned last year, and the Fed is not currently achieving its goals. A slow and plodding approach isn’t…
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The Floor That's Not a Floor
Stephen Williamson
The floor that's not a floor.
Stephen Williamson
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Monetary Non-Neutrality

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