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Commentary

http://www.economics21.org/files/pdf/Calomiris%20Ireland%20Levy%20Feb%2016%20Central%20Banking.pdf

Current Conditions and the Policy Problem

Peter Ireland, Mickey Levy, Charles W. Calomiris | Central Banking | February 19, 2015

The Federal Open Market Committee’s Policy Statement from its January 27-28 meeting provides a favorable outlook for the US economy with solid economic growth and strong job gains and renewed momentum heading into 2015.

Real gross domestic product, our broadest measure of inflation-adjusted income and spending, advanced at a 2.5 percent rate during the past year, weighed down considerably by the severe weather-related decline in 2014Q1; real GDP growth exceeded 4 percent in the final three quarters of 2014.. This healthy growth generated more than three million new jobs during 2014, and the Employment Report for January 2015 brought even more good news from the American labor market. 257,000 new jobs were created and upward revisions to already strong gains in prior months lifted the cumulative 3-month job gain above one million. At 5.7 percent, the unemployment rate is down almost a full percentage point from a year ago, and wage growth rebounded in January, suggesting that December’s puzzling decline was an anomaly.

 

Full Report

http://www.economics21.org/files/pdf/waysandmeans%20testimony%20winship.pdf

Scott Winship Testimony Before the House Subcommittee on Human Resources

Scott Winship | February 11, 2015

While policymakers face real economic challenges—including a secular rise in the duration of jobless spells, a recovery that until recently seemed to taunt us, poorer job prospects for workers with limited skills, and the continually expanding federal disability rolls—the ability of the U.S. economy to provide work for those who seek it has not diminished. Policies to help low-income individuals and families should not presume that the American job-creation machine is broken, or that our recent cyclical challenges portend a “new normal” in the coming decades.

November 3, 2014
| Video

Caroline Baum and Marvin Goodfriend discuss the Shadow Open Market Committee's core principles and monetary policy.

 

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November 13, 2013
| Podcast

Matthew Hennessey, associate editor of City Journal, interviews Nicole Gelinas, Senior Fellow at the Manhattan Institute and contributing editor of City Journal, on what to expect from tomorrow's confirmation hearing for Federal Reserve Chair.

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