Feb. 21, 2021
After decades of market liberalism and fiscal fundamentalism, policymakers are returning to Keynes. Jeff Snider reacts to two recent articles: "Bond yields are not good predictors of inflation" (Peterson Institute for International Economics) and "Why economists kept getting the policies wrong" (Financial Times).
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----------WHEN----------
01:02 Two economists write that bond yields are not good predictors of inflation
03:20 Bond yields have failed to predict inflation for 70 years in the US; three other countries
05:31 Why economists kept getting the policies wrong
08:01 Was monetarism was derailed by poor philosophy? Or because measures of money failed?
11:43 Monetarism ditched, so first came currency exchange targeting then inflation targeting.
13:26 Positive Economics, econometrics promised wonderful, impossible things
16:11 Central Bankers use mathematics as a shield against criticism
18:42 We are back where we started, time to dust off Keynes General Theory.
----------WHAT----------
Teenagers baffled by rotary phone: https://youtu.be/oHNEzndgiFI
Bond yields are not good predictors of inflation: https://bit.ly/2Zz7dwd
Why economists kept getting the policies wrong: https://on.ft.com/2ZwAgAw
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by the King of the North, David Parkins.
