Academic and Fed Research Articles

[Pkg Man]

I thought it might be useful to have a thread on articles of a more academic nature that discuss investments or concepts related to the PP.

Below is a link for a paper written by James Bullard, the President of the Federal Reserve Bank of St Louis.  The paper is easy to read but much more rigorous than an op-ed piece. 

http://research.stlouisfed.org/econ/bul ... lJul28.pdf

If you are concerned about the LT Treasury piece of the PP due to its recent gains, this article will make you feel better.  Bullard makes the case that "the U.S. is closer to a Japanese-style outcome today than at any time in recent history".  The article will also make you feel good about the PP in general, since if there is this much uncertainly among academics and Fed officials about the correct policy to pursue, how could anyone possibly think that they can predict the future?


The next link is to a nice academic piece on gold by Christophe Faugere and Julian Van Erlach.  It is a more of a tough slog than the previous paper,  but you can skip the equations and still get the gist. 

http://papers.ssrn.com/sol3/papers.cfm? ... _id=520382

The paper doesn't say a whole lot more about the subject than HB did, but it does lay out the theoretical underpinnings of gold's relationship to inflation.  One of the main conclusions is that the real price of gold should vary proportionately to the growth in world GDP per capita growth.  I had previously suggested it should rise with population growth.

The link to Faugere's website is here http://www.albany.edu/~faugere/  and looks like it might contain other interesting articles.

[Pkg Man]

The link below is a presentation Bullard gave.
http://research.stlouisfed.org/econ/bul ... 9Final.pdf

Speech by Hoenig, the lone "official" Fed dissenter.
http://www.kansascityfed.org/speechbio/ ... 081310.pdf

[MediumTex]

Good Stuff Pkg Man.

Keep 'em coming.

[Pkg Man]

I read this today and thought others may be interested in seeing it.  It is a presentation by Robert Lucas, a well known macroeconomist, where he talks about the Great Depression and the Great Recession.

http://www.econ.washington.edu/news/millimansl.pdf

It's an easy read, all powerpoint slides, but to see the punchline you can skip to slide 36.

[Pkg Man]

Ran across this article posted by an old professor friend on FB.  It briefly reviews the differences between the Chicago and Austrian Schools.

http://mises.org/daily/5390/The-Chicago ... _4;twitter

I can see merit in the Austrian approach, but as I was "raised" by the Chicago School, I'm still sympathetic to it.

[6 Iron]

I don't know how I missed this, but these are great. Thanks, Pkg Man.