Monetary Non-Neutrality
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Do Central Bankers Know What They're Doing?
In North America, the problem faced by central bankers beginning in 2021 was unprecedented. How could the Fed and the Bank of Canada engineer a…
Apr 12
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Stephen Williamson
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Do Central Bankers Know What They're Doing?
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October 2023
Is this high-inflation episode over, or what?
Answer: Given current policy, and where it appears to be headed, I don’t think so. First, let’s review where we are, in terms of inflation. In the US…
Oct 18, 2023
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Stephen Williamson
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Is this high-inflation episode over, or what?
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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…
Jun 23, 2022
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Stephen Williamson
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High Inflation: What To Do About It?
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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…
Jun 23, 2022
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Stephen Williamson
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Part II: High Inflation: Where Did It Come From?
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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…
Jun 23, 2022
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Stephen Williamson
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Part I: High Inflation: Where Did it Come From?
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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…
Dec 13, 2021
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Stephen Williamson
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Renewal of the Bank of Canada's Inflation-Targeting Agreement with the Government of Canada
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November 2021
Bank of Canada at a Crossroads
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…
Nov 18, 2021
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Stephen Williamson
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Bank of Canada at a Crossroads
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Fed Monetary Policy Needs an Overhaul
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…
Nov 15, 2021
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Stephen Williamson
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Fed Monetary Policy Needs an Overhaul
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July 2021
The Fed's Policy Implementation Framework Does Not Work As Advertised. How Come? Part II
The Floor That's Not a Floor
Jul 2, 2021
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Stephen Williamson
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The Fed's Policy Implementation Framework Does Not Work As Advertised. How Come? Part II
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The Fed's Policy Implementation Framework Does Not Work As Advertised. How Come? Part I
The floor that's not a floor.
Jul 2, 2021
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Stephen Williamson
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The Fed's Policy Implementation Framework Does Not Work As Advertised. How Come? Part I
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June 2021
Whatever Happened to Milton Friedman's Ideas?
Answer: For one thing, they're thoroughly embedded in current monetary policy issues.
Jun 22, 2021
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Stephen Williamson
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Whatever Happened to Milton Friedman's Ideas?
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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…
Jun 5, 2021
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Stephen Williamson
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Does Lower-for-Longer Work?
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