Tag Archives: plucking model

Ben Bernanke, the Fed and the Tea Party

Ben Bernanke is not a Tea Party sort of person. An academic appointed as Chair of the US Federal Reserve (“the Fed”) by a Republican President (Bush II) and re-appointed by a Democrat President (Obama) who helped organise the bailout of Wall St in response to the Global Financial Crisis (GFC), he is the epitome of […]

The misbegotten birth of macro

As folks may have noted, I like graphs; they can be very useful illustrations, particularly of historical trends.  Consider this graph, taken from the 2012 US Federal Budget (via). What is striking is the long-run stability of economic growth in the US, apart from one episode which stands out fairly dramatically. Very dramatically (pdf) given that: […]