I think Dr. Delong puts the lie to the notion that academics cannot be commercial. I find the good doctor makes it very easy to give him and his friends money. Getting out of email lurker status was relatively painless.
Separately, I would like to put on the table the following idea. Given that the Fed has last mover advantage in macroeconomic policy, the appropriate measure of current monetary "tightness" is the likely rate of growth of aggregate demand (nominal if you like) at the policy horizon. The level of nominal 10-year Treasury yields or their change is not a great summary measure of that.
I think Dr. Delong puts the lie to the notion that academics cannot be commercial. I find the good doctor makes it very easy to give him and his friends money. Getting out of email lurker status was relatively painless.
Separately, I would like to put on the table the following idea. Given that the Fed has last mover advantage in macroeconomic policy, the appropriate measure of current monetary "tightness" is the likely rate of growth of aggregate demand (nominal if you like) at the policy horizon. The level of nominal 10-year Treasury yields or their change is not a great summary measure of that.