Greg Mankiw, the Harvard professor who was recently walked out on by several students in his undergraduate economics class, wrote about it in today’s (4 December 2011) New York Times. In his words, “On Nov.2, a group of students staged a walkout of one of my lectures. In an open letter to me, the organizers [...]
Don’t get me wrong. I don’t like bank fees any more than anybody else. To avoid some of them, I’m sure I Iose money, net, on zero or near-zero interest rate balances at my bank. For the record, I don’t use my debit card except for an occasional ATM withdrawal of cash. Having said that, [...]
When I joined the Richmond Fed in 1968 as an international economist, it took 360 yen to purchase 1 dollar. Yesterday, it took fewer than 80. I can’t explain why the immediate reaction to the Japanese tragedy, which will cripple its economy for some time to come and will likely curb Japanese exports more than [...]
I gave this speech in Sulphur Springs, Texas, on Martin Luther King Day, 2006. I was invited by a group of churches in East Texas meeting together in a larger facility. The invitation came through Texas A&M Commerce, one of the universities in The Texas A&M System, where I was Chancellor at the time. Bob [...]
We can talk all we want about aggregate demand and what it will take to pull us out of this jobs and housing depression, but the key to longer term prosperity and American leadership in the world is improving our broken educational system. My two years as chancellor of a major university system wasn’t long [...]
Some of my supply side friends are probably perturbed with me for my view that, while their model may be appropriate for normal times, Keynes is relevant during a period of inadequate demand. In fact, I view his General Theory as a guide for getting out of a recession or liquidity trap. The focus now [...]
The Dollar and the Yuan With Alice in Wonderland back on the screen, I guess it’s okay to make up the meaning of words. When I started at the Richmond Fed in August 1968, what they are now calling currency manipulation was the standard, accepted international monetary system. It was set up at Bretton [...]
Congratulations Candace Elizabeth McTeer High School Graduation And Admission to the Honors Program George Mason University "Way to Go Girl" Advice Follows
In July of 2005, while I was Chancellor of the Texas A&M University System, I wrote an opinion piece on school choice and competition. It ran in the Austin American Statesman on July 11, 2005, under the title "Competition is good-even for public schools." It ran the next day in the Bryan/College Station Eagle under [...]
My "grammar school," as they called them then, had three classrooms and an auditorium with a stage. Three teachers, including the principal, taught grades one through eight in those three classrooms. There would be a lesson for the first grade, with second and third graders also in the room, then a second grade lesson, with [...]