Feb 7, 20229 minCan Tinkering with Interest Rates Solve All Inflation?How strong are the screwdrivers, and are they threaded in the right direction?
Dec 23, 20218 minHigh Rates Fostered an Unsustainable Economy Which Turkey Must Painfully RebuildYears of high rates in Turkey led to foreign-denominated private debt and speculative investment. Lowering rates will hurt but is necessary.
Aug 24, 20216 minWhy the Quantity Theory of Money is WrongTheoretically and empirically, the price level is far more complicated than a simple equation might suggest.
Aug 18, 20213 minWhat really happened during the Volcker years?The inflation-adjusted fiscal deficit shrank, meaning monetary policy did not act by itself.