( Update: This post turned in to " inflation past present and future" ) I realize that the title of my last post, Is the Fed Fisherian?  was not as clear as it could be. The model I used to understand the Fed's fore…

Phil Gramm and John Early have a new WSJ oped, based on their smashing new book . Both are based on an astounding fact: The numbers used by the Census Bureau, and countless following researchers, to define income inequality and …

So if the Fed raises interest rates, how much and how soon will that help inflation? For another project , I went back to Valerie Ramey's classic review . Here is her replication and update of two classic estimates:  Two est…