HeyJaredThe Grumpy Economist
News, views, and commentary from a free market point of view. I moved from Blogger to Substack in December 2023. For previous posts back to 2011 see my Blogger page at https://johnhcochrane.blogspot.com
- Indexed issues, last 90 days
- 14
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- Sep 23, 2026
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- Jul 15, 2026
Latest issues
Political economy in financial regulation (opens the original)
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Interest-paying electronic money, completely safe without deposit insurance, would be a great thing. For example, Silicon Valley Bank would never have had huge uninsured deposits that ran if there had been an easy safe place for large depositors to put their money. But the Fed and other central banks and regulators denied us narrow banks (banks that invest deposits in reserves), segregated accounts (accounts invested in reserves, walled off from failure of the bank), money market funds with fast
Better Debt (opens the original)
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The dog that didn’t bark is often meaningful. The Treasury is buying back long-term bonds. To some extent, the Treasury views long-term bond prices as too low and yields too high. Treasury wants to raise the prices, or at least to buy back debt at attractive prices. The Treasury says “This increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors.” In policy circles, illiquid means low prices that can be pushed up with mod
Media Update (opens the original)
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The link to Barron’s was wrong in my previous post. The correct link below: 2) Megan Leonhardt at Barron’s did a Q&A on interest rates and inflation, [link now fixed] following up on my post. She did a great job of boiling down a long conversation. Explainig long-run neo-Fisherism clearly, without equations, and without sounding like an idiot was a challenge. You m
Media (opens the original)
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I’ve done a variety of video and other media lately that (some) readers may find interesting. 1) I did a three hour (!) lecture on fiscal theory for PhD students, sponsored by the macro-finance society. It mostly covers my most recent effort, “Inflation and Debt.” Though aimed at PhD students it’s very history heavy and equation light. The link has the lecture video and slides too. Thanks much to Stavros Panageas for organizing and just enough hard questions to keep
More on lower rates (opens the original)
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This follows up my last post on lowering rates to lower inflation. As before, suppose you accept the neutral and stable long run of new Keynesian economics, so lower rates will eventually bring down inflation (fiscal policy held constant!), but there is a contrary movement in the short run. Like so: <a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!sbAB!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2F
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