Confessions of a Supply-Side Liberal
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Confessions of a Supply-Side Liberal was created by Miles Kimball, a Professor at the University of Michigan. His core topics apply supply side solutions to macroeconomic issues and monetary policy. His arguments are well written and thoroughly researched.
Confessions of a Supply-Side Liberal
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Confessions of a Supply-Side Liberal
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Confessions of a Supply-Side Liberal
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In 2007, many analysts dismissed the significance of subprime mortgage losses, which they compared to a bad day in the stock market. In a report that November, Hatzius called the analogy flawed. Citing research by the economists Tobias Adrian and Hyun Song Shin, he noted that stocks were mostly owned by ‘long-only’ investors such as pension funds who ‘passively accept a hit to their net worth.’
By contrast, mortgages are owned by leveraged institutions such as banks, investment dealers, hedge funds, Fannie Mae and Freddie Mac. For every dollar of losses, thes ..read more
Confessions of a Supply-Side Liberal
2M ago
Because inflation today is caused by firms changing price today & inflation tomorrow is caused by a different set of firms changing price tomorrow, sticky inflation in the face of a big macro shock means firms are changing prices without fully incorporating the new information.
— Miles Kimball (@mileskimball) February 22, 2024
Mankiw and Reis interpret their model as a model of sticky information: firms periodically wake up and get all the new macroeconomic information, then set a new price path accordingly.
— Miles Kimball (@mileskimball) February 22, 2024
Macroeconomic information is ..read more
Confessions of a Supply-Side Liberal
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Confessions of a Supply-Side Liberal
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A talk about joint work with Dan Benjamin, Kristen Cooper and me ..read more
Confessions of a Supply-Side Liberal
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Confessions of a Supply-Side Liberal
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