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Banks and macroeconomic models 25 Aug 2013 | 04:54 pm
There has been a recrudescence of blogospheric argument on the nature of commercial banks, whether they are best considered “financial intermediaries” not unlike mutual funds or insurance companies, o...
Secret snooping keeps us vulnerable 25 Jun 2013 | 05:22 pm
This is an obvious point. Part of NSA’s mission, a very noble part, has always been to play digital defense. They call this “information assurance”, and describe it as “the formidable challenge of pr...
Regulation, legitimation, neutralization 24 Jun 2013 | 07:13 am
A thing that bankers and spies have in common is protestations about how elaborately they are monitored. Every financial product or arrangement requires elaborate legal vetting, is touched by innumera...
Tradeoffs 20 Jun 2013 | 05:59 am
The stupidest framing of the controversy over ubiquitous surveillance is that it reflects a trade-off between “security” and “privacy”. We are putting in jeopardy values much, much more important than...
‘Tis of thee 18 Jun 2013 | 09:51 am
I want to comment on this widely discussed bit by Josh Marshall: Let me put my cards on the table. At the end of the day, for all its faults, the US military is the armed force of a political communit...
Apology in advance 18 Jun 2013 | 05:30 am
I am in general a terribly constipated blogger. Actually, I don’t know whether I qualify as a “blogger” at all, given the infrequency of my expulsions. As I’ve developed a readership, I’ve come to con...
A quick note on “helicopter drops” 16 Jun 2013 | 08:19 am
So, David Beckworth has a fantastic piece arguing that, in service of an NGDP target, the Fed might sometimes coordinate with the treasury to arrange “helicopter drops”, which Beckworth defines as” a ...
The mother of invention 30 Apr 2013 | 12:32 pm
I thought I’d quickly highlight a point made recently by two great posts. First, here’s J.W. Mason: There is increasing recognition in the mainstream of the importance of hysteresis — the negative eff...
The generalized resource curse 22 Apr 2013 | 04:25 pm
A useful way to understand the pickle we’re in, I think, is that we are suffering from the so-called “resource curse”. If you are unfamiliar with the phrase, “resource curse” refers to the regularity ...
A bit more on savings and investment 10 Apr 2013 | 07:00 pm
Steve Roth (1, 2), Scott Sumner (1, 2, 3), Bill Woolsey, and Matt Yglesias have been debating questions of saving versus investment and paradoxen of thrift. See also JW Mason in the comments here, and...
