James D. Hamilton
James D. Hamilton's Latest Articles | 157
Reducing Petroleum Consumption from Transportation
MIT Professor Christopher Knittel has a new paper on the potential for the United States to reduce petroleum consumption. From the paper’s abstract: The United... Read »
Getting the U.S. Economy Growing
We can sit and wring our hands, or we can get to work. Nobel laureate and Columbia University economics professor Joseph Stiglitz sees a long-term problem in the... Read »
European Financial Tensions and the Fed
U.S. monetary policy has gone through three distinct phases since 2008. We may be about to begin the fourth. I would characterize the period from February 2008 through... Read »
FOMC Statement
The Federal Reserve still would like to do more, but not right now. The Federal Open Market Committee yesterday released the following economic assessment: The Committee... Read »
$7.77 Trillion in Secret Federal Reserve Loans to Banks?
I have been looking into the claim recently made by any number of internet sites (for example, here’s one of the many hundreds, if you insist on a link) that... Read »
Central Banks Augment Currency Swap Capabilities
The U.S. Federal Reserve, European Central Bank, and central banks of Canada, England, Japan, and Switzerland today announced a coordinated monetary action that... Read »
Economic Worries Continue
If you’re prone to worry about where the economy’s headed, last week’s developments weren’t very reassuring. On Tuesday, the Bureau of Economic... Read »
Taxing the 1%
Trying to prevent an increase in tax rates on the richest 1% of Americans looks to me like a losing strategy for the Republicans. Let me begin with what should be... Read »
Implications of the Recent Rise in Oil Prices
The price of West Texas Intermediate has risen almost $10 a barrel since the start of September, and briefly bumped back above $100 a barrel this week. Here’s... Read »
The Drama Began in Greece. Where is it Going to End?
Let me begin with some observations on the basic mechanics of sovereign debt default. If you borrow $1 at a 5% interest rate, next year you’re going to owe... Read »







