Presidential campaign economics

On Tuesday, I had the pleasure of giving a talk to the Senior College of West Central Minnesota. I meet with this group 2-3 times a year, and I always look forward to the conversation. I know that I'll be asked smart, direct questions from thoughtful people, and this session of about 150 people exceeded my lofty hopes. Our topic was Presidential Campaign Economics.  My slides are here. Also, I … [Read more...]

Why not consols?

Nominal interest rates on US government debt are at historical lows.  Today's Treasury yield curve data shows the following: The longest maturity bond the federal government currently issues is 30 years, with a yield today of 2.22 percent.  With an inflation rate of 2 percent of less, this means the federal government can borrow at a real rate close to 0 (zero) percent. For five years, … [Read more...]

Happy birthday, Walter Heller!

Today is Walter W. Heller's birthday. For those of us of a certain age, he was Mr. Economics in Minnesota.  My 2012 column contains some reminiscences and a first crack at thinking about his place in macroeconomics more generally.  I'm very happy that James Hillyer, a Ph.D student at Institute of the Americas, University College London, is delving deeply into Heller's career for his doctoral … [Read more...]