Monday, August 5, 2013


And here we are. I was trying to figure out something I could write for the occasion -- on my last birthday, I wrote about youth unemployment -- but I'm taking some down-time and had two other things on my mind.

1. There are many people who deserve thanks for helping me get where I am now, and they know who they are. Thanks, guys. Starting a blog continues to be one of the best decisions I've ever made. You helped make it one.

2. I'd like to know what you think I've been doing well, what I've been doing badly, and what I haven't been doing. I'd like to know what you'd like to see more of and less of. I'd like to know what types of analysis -- or the "how" behind my writing -- that you think is strong or is lacking. You can send me an email (see "About" on right) or just leave a comment.


  1. I'd love to see posts or your reactions to some of the proposals I have made. --Miles

    1. 1. On e-money and the zero lower bound: I've read what you've written but am still very nervous about the idea. The questions I would raise for you: What if you've underestimated the cross-elasticity of demand between paper and e-money? Anecdotally, I would abandon paper money the moment the discount became significant. But this reflects many of my own habits. I don't like to carry cash around in the first place. What happens to monetary policy when you've killed off paper money? Is a tax on people's differential willingness to use paper money equitable and appropriate? I also don't buy the idea that a government would ever be able to establish a substantially negative nominal interest rate, especially today. Forex transactions are just too cheap; I would totally change out my savings into a basket of other currencies the moment this happened. So, sorry to break your heart, but I'm definitely not on board for this one yet.

      2. NGDP targeting: Well, you know how I feel about this. The only way my feelings have changed in the last few months is I question the notion of level targeting a bit, because I think a deviation in NGDP 20 years ago isn't welfare-relevant and should be left as a "bygone." So I might stabilize the 5- or 10-year trend rate of NGDP growth instead. I think Scott Sumner would be OK with this too -- I've seen him offer similar ideas.

      3. Requirements on equity/risk-weighted assets and leverage ratios: I much prefer this strategy for financial regulation than things like the Volcker Rule or Glass-Steagall or regulations on executive compensation. I would like to see more marginal cost-benefit analyses of what the optimal ratios are, or what the reasonable ranges for them would be.

  2. Happy Birthday Evan! Keep at it (even when it's no longer raising your status)!