9 April 2014

Haiku of the Day:

Sophistication / Of models — the clandestine / business of reason.

Quote of the Day:

“All systems either of preference or of restraint, therefore, being thus completely taken away, the obvious and simple system of natural liberty establishes itself of its own accord. Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both industry and capital into competition with those of any other man or order of men.” -Adam Smith, The Wealth of Nations

Links of the Day

Mike Konczal on Short-Term Unemployment and Inflation

Felix Salmon on the Wonk Bubble

Noah Smith on the release of the Federal Reserve’s macroeconomic models

Eggertsson and Mehrotra on Alvin Hansen, the Depression, and the Secular Stagnation Hypothesis

Mark Thoma on the Power Shift at the Fed

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