Brian Romanchuk — Yellen At Jackson Hole: Übergradualism Still The Baseline

Fed Chair Janet Yellen's speech at Jackson Hole may or may not get Fed watchers excited, but it seems to me that there was not a lot of new information. She made some hawkish noises, and it seems that we are due for another rate hike this year. I think December is the most plausible time, but it could be as early as September. In any event, the exact timing of the hike does not matter; the Fed is still following an übergradual rate hike path (hiking at a pace well below 25 basis points a meeting). Her discussion of policy options was mainly useful for those of us who are entertained by the collapse into incoherence of mainstream economics.…

Bond Economics
Yellen At Jackson Hole: Übergradualism Still The Baseline
Brian Romanchuk

Ramanan — Jackson Hole Symposium Starts With The Money Multiplier

Robert Hallfrom Stanford University in the first talk titled The Natural Rate of Interest, Financial Crises and the Zero Lower Bound:

… Every economic principles book describes how, when banks collectively hold excess reserves, the banks expand the economy by lending them out. The process stops only when the demand for deposits rises to the point that the excess reserves become required reserves and banks are in equilibrium. That process remains at the heart of our explanation of the primary channel of expansionary monetary policy …

The Case for Concerted Action
Jackson Hole Symposium Starts With The Money Multiplier
Ramanan

Really.