William Wallace Watch

Another Fed speech to throw in the William Wallace speech bucket. “They can take lives but they can never take our… history contingent monetary policy!!!” (h/t Sumner)

“Zero Rate Bound, RIP”

I’m filling this one under “William Wallace Watch” (ref). Is there a difference between level targeting and Taylor rules if there’s no zero bound?

William Wallace Watch

From MarketWatch: [St. Louis Federal Reserve President James Bullard] said he would like the policy-setting Federal Open Market Committee “to adopt a state-contingent policy rule that would allow for the adjustment of asset purchases as new information on the economy becomes available.” If I don’t have my Fed decoder ring on backwards, I would take […]

Prediction: no William Wallace speeches from Ben

In the next two years — before the memory of this recession fades, but long enough from now that it doesn’t risk unanchoring expectations — Ben Bernanke will begin peppering his speeches and testimony before Congress with references to some form of history contingent policy (e.g. price level or nominal output targeting, state-dependent inflation targets, […]