Recent quotes:

Evening Must-Read: Claudia Sahm: Is Resistance Futile? - Washington Center for Equitable Growth

Claudia Sahm: Is Resistance Futile?: “Krugman…. ‘So if Larry [Summers] were at the Fed… would he be saying what he is, or would he have been assimilated by the FedBorg?… This got me wondering: In the past 7+ years have I, as a staff economist, been ‘assimilated by the FedBorg?’… What are some Fed-specific signs that I have changed as an economist?: Fedspeak: My economic writing tends to be more factual and less forceful now…. The staff view: As an economist, I uttered the words: ‘we think xyz’ much, much less before joining the Fed…. The Fed: More than once I have thought how wonderful it would be if monetary policy in the real world were like in Woodford’s textbook…. I am constantly amazed at the array of inputs to and outputs from the policy work at the Fed. And I am pretty sure that most academic economists could learn something from reflecting more on this…. So it seems to me the good part of assimilating is learning new things, the bad part of assimilating is forgetting what you knew…
#Macroeconomics #Monetary-Policy #Paul-Krugman #Federal-Reserve #Dialogue #Claudia-Sahm #Groupthink - equitablegrowth.org