“The Cossacks Work for the Czar!”

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 of data.) The phrase ‘executive committee of the bourgeoisie’ comes to mind…

March 2, 2015

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