Thank you, British Academy

I am deeply honored to be named an International Fellow of the British Academy.

1873

I just finished reading Liaquat Ahamed's new book, 1873. It is excellent. The book examines the global financial crisis of 1873 and its aftermath, especially the role of railroads, international bond markets, deflation, and the debate over bimetallism. I found the period especially fascinating because I had read less about it than about other eras of world history. The discussion of railroads struck me as resonant with the current AI boom--a transformative technology that nonetheless attracted numerous hucksters and left some people with large losses.

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The Fed's New Task Forces

Yesterday, the Federal Reserve announced a group of task forces to review the central bank's framework for conducting monetary policy. Along with Tom Sargent and Bill White, I am serving on one of them.

Note to journalists: It would be premature for me to comment on the work of the task forces at this stage. However, you are free to consult my previous written work on these topics. This piece from two years ago may be especially relevant.