Over at Grasping Reality: Cosma Shalizi: Monday DeLong Smackdown: “The Cossacks Work for the Czar!”: “Empirically, through 2003, what the Fed responded to was not inflation… …but averting the prospect of unemployment getting too low, and encouraging the election of Republican presidents–see http://utip.gov.utexas.edu/papers/utip_42.pdf. (It would be good to update that paper with another ten years … Continue reading “The Cossacks Work for the Czar!”