Новости за 14.05.2024

David Henderson has an excellent post on the effect of tariffs on the price level. I agree with his analysis, but here I’ll reframe the debate in a way that I hope will also be helpful. Let’s begin with a few propositions:

1. Under the vast majority of policy regimes, the imposition of tariffs leads to a higher price level. These include the Fed’s current (asymmetrical) flexible average inflation targeting (FAIT) regime, but also the gold standard, money supply targeting, and nominal GDP targeting. Читать дальше...

There may be a charitable way to interpret the following Wall Street Journal statement in a report on Mr. Putin’s replacement of his defense minister (“Russia’s Putin Replaces Defense Minister in Security Shake-Up,” May 12, 2014):

The quantity of rent-controlled apartments demanded thus becomes enormous. In New York City, some old rent-controlled units have become family heirlooms. A woman went viral on TikTok in 2021 after showcasing her redecorated $1,300 a month rent-controlled two-bedroom apartment on the Upper West Side, after inheriting the lease from her parents—a unit that would rent for three to five times as much on the open market. In Stockholm, Sweden, where strict controls have been enforced for decades, the... Читать дальше...