Robert Reich

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Macroeconomic Policy (Wealth & Poverty Class 8)
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Macroeconomic Policy (Wealth & Poverty Class 8)

Do you feel confused about macro? Don't worry.

Robert Reich
Apr 1
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Share this post
Macroeconomic Policy (Wealth & Poverty Class 8)
robertreich.substack.com

This week we look at one of most hidden of all domains affecting inequality — the role of macroeconomic policy. Don’t worry if you haven’t had a course in macro. We’ll be approaching the subject from an entirely different direction from standard courses, which rarely if ever explore distributional consequences.

The questions I’ll focus on are: What’s the effect of macroeconomic policy on inequality? What’s the difference between fiscal and monetary policies? How fast can the economy grow without igniting inflation? How should inflation be remedied? How and under what conditions does faster growth reduce inequality?

Click here for the Class 8 slides.

Looking for another session? Click the link for: Class 1, Class 2, Class 3, Class 4, Class 5, Class 6, Class 7, Class 9, Class 10, Class 11, Class 12, Class 13, Class 14.

This week’s readings —

Monetary Policy:

  • Karen Petrou, “Only the Rich Could Love this Economic Recovery,” New York Times, July 12, 2021

  • Rohan Gray, “RIP, Paul Volcker: The Fed Chair Who Thought We All Lived Too Well,” The Nation, December 11, 2019

  • Sarah Bloom Raskin, “Building a Financial Structure for a More Stable and Equitable Economy,” Federal Reserve, 2013

Fiscal Policy:

  • Chye-Ching Huant, Chad Stone, Katie Windham, Jennifer Beltran, “Putting the Size of the Needed COVID-19 Fiscal Response in Perspective,” Center on Budget and Policy Priorities, May 4, 2020

  • Bittle, Jake, “The Next Austerity Battle will be Fought in the States,” The American Prospect, April 8, 2020

  • John Cassidy, “The Demand Doctor,” The New Yorker, October 10, 2011

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Benjamin R. Stockton
Writes Cultural Economics Apr 1Liked by Heather Lofthouse

Having lived through the '70s and at one point owning a 19% home equity loan, the piece on Volker is one of the most eye-opening essays I have read. In particular the two things that really grab me is first his blindness to the human cost of his policies, and second that an Obama administration could turn to this man for guidance through an economic shock. The "shock doctor" himself! Thank you professor - a real addition to my scanty economics education.

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Jason Astorquia
Apr 1

It would be interesting to hear thoughts on the embedded growth imperative at the core of the monetary system and the implications of that on society, climate change, and the planet. Why do we think infinite growth is a good thing?

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