Monetary Non-Neutrality

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October 2023

June 2022

High Inflation: What To Do About It?
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…
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Stephen Williamson
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Part II: High Inflation: Where Did It Come From?
[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…
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Stephen Williamson
Part I: High Inflation: Where Did it Come From?
[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…
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Stephen Williamson

December 2021

Renewal of the Bank of Canada's Inflation-Targeting Agreement with the Government of Canada
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…
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Stephen Williamson

November 2021

July 2021

The Fed's Policy Implementation Framework Does Not Work As Advertised. How Come? Part II
The Floor That's Not a Floor
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Stephen Williamson
The Fed's Policy Implementation Framework Does Not Work As Advertised. How Come? Part I
The floor that's not a floor.
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Stephen Williamson

June 2021

Whatever Happened to Milton Friedman's Ideas?
Answer: For one thing, they're thoroughly embedded in current monetary policy issues.
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Stephen Williamson
Does Lower-for-Longer Work?
The Fed’s new policy framework, as I outlined in a previous post, seems on the surface to be a quasi-average-inflation-targeting approach. Basically, in…
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Stephen Williamson
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