Must-Read: Once again: Over the past 30 years we have had three business cycle peaks—1990, 2000, and 2007—and three business cycle troughs—1993, 2003, and 2009. The 2009 trough—what marked the nadir of what I now call the Longer Depression, at least as far as Europe is concerned—was an extraordinary and anomalous disaster. Taking the averages … Continue reading Must-Read: Lael Brainard: Navigating the Different Signals from Inflation and Unemployment