Notes on the Crises

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Hello Readers, I'm very excited to announce that I'm under contract with Viking Press of Penguin for my book on the Federal Reserve entitled "Picking Losers". I'm sure I will write about some of the themes of the book (especially the more technical aspects which are too technical for a

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Before Silicon Valley Bank failed last week, I was considering writing a post examining the Federal Reserve’s policy framework in the context of the last sixty years of monetary policy’s history. That kind of analysis is now newly relevant, perhaps even urgent given the Federal Open Market Committee

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Normally I do not release pieces on Saturdays or Sundays. However, this is the third anniversary of the first piece I ever sent of this newsletter. That brief note, appropriately titled “Sign of the Times”, was more like a glorified social media post than a newsletter. As I said in

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Special note to readers. Typically, when I haven’t written in a while for the newsletter I will write a few free pieces, and then write some premium pieces as a reward to loyal paid subscribers (and motivate people to take out paid subscriptions.) However, the next few weeks seem

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This is a premium piece of Notes on the Crises. Thank you for being a paid subscriber. Lately, the 1970s have loomed large in economic commentary, thanks to a recurrence of panic over inflation. History is often invoked in mainstream press coverage about economic policy, which is understandable and can

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