Great article, and I love the discussion it stimulated.
A dedicated Fed Watcher for more than two decades and attendee of several Humphrey
-Hawkins testimonies, I can confirm that the most powerful central bankers in the world are, quite simply, human! The course of history has demonstrated that bigger and bigger bazookas serves no greater good than taking an entire bottle of aspirin for a more extreme headache. Central Bankers cannot "plot" the course of human behaviors, actions, reactions: I suppose it's a start that the post-Maestro Fed Heads, Bernanke and Yellen, will subtly admit their lack of confidence. Unfortunately, those geniuses of academia still follow a path of insanity so well defined by the truly great Albert Einstein as doing the same thing over and over again and expecting different results.
I tried to give Dr. Yellen some advice on the ills of Jackson Hole inspired papers and research and to use an age old econometric tool of a family monopoly game to see how quickly well-intentioned "tweaks to rules" can go awry: http://michaelhakerem.wordpress.com
Ron,
Great article, and I love the discussion it stimulated.
A dedicated Fed Watcher for more than two decades and attendee of several Humphrey
-Hawkins testimonies, I can confirm that the most powerful central bankers in the world are, quite simply, human! The course of history has demonstrated that bigger and bigger bazookas serves no greater good than taking an entire bottle of aspirin for a more extreme headache. Central Bankers cannot "plot" the course of human behaviors, actions, reactions: I suppose it's a start that the post-Maestro Fed Heads, Bernanke and Yellen, will subtly admit their lack of confidence. Unfortunately, those geniuses of academia still follow a path of insanity so well defined by the truly great Albert Einstein as doing the same thing over and over again and expecting different results.
I tried to give Dr. Yellen some advice on the ills of Jackson Hole inspired papers and research and to use an age old econometric tool of a family monopoly game to see how quickly well-intentioned "tweaks to rules" can go awry: http://michaelhakerem.wordpress.com