Articles

So said Milton Friedman, arguably the most influential economist of the twentieth century.   But Friedman also remarked that monetary policy only gets you to inflation’s first base, to hit a home run monetary policy needs to team-up with fiscal policy to pass that money directly to the economy. US inflation has just hit 6.2% y/y […]

The efficient distribution of economic resources depends on the efficiency of the price system, which signals where and how to allocate resources.  Relative price changes have responded to, and continue to respond to the echo of, the Covid-19 shock to both demand and supply. The CPI is a basket of many different prices, and very […]