by Henry Oliner | May 14, 2023 | Economics
From John Cochrane at The Grumpy Economist, Missing mortgage contract innovation: So why are we here, and given that we are here why does this strange contract seem so resistant to innovation. I think the answer is simple: 15 and 30 year fixed rate mortgages were a...
by Henry Oliner | May 6, 2019 | Economics
The growth in the debt from the accumulated deficits would have expected to increase inflation according to most economic models. There are several theories why this has not occurred. The decrease in velocity, the turnover of money, has muted the effects of monetary...
by Henry Oliner | Jun 15, 2018 | Economics
In a democracy it is the nature of government to promise benefits without paying for them. To accomplish this, they hide the costs in cross subsidies, mandates, proxies, regulations, tax codes, debt, and various forms of complexity. They are so successful that they...
by Henry Oliner | Apr 15, 2018 | Economics
from John Cochrane in his excellent blog, The Grumpy Economist, Why Not Taxes? Let us take the estimate that the recent tax cut cost $1.5 trillion over 10 years, i.e. $150 billion per year or 0.75% of GDP. Compared to the $800 billion current deficit it’s small...
by Henry Oliner | Apr 12, 2018 | Economics
from John Cochrane in his excellent blog, The Grumpy Economist, Why Not Taxes? America in fact already has a more progressive tax system than pretty much any other country. Making it more progressive would increase economic distortions dramatically. A key principle...
