Macro Lit Review 3: Highlights from Early 2023 with George Selgin
Macro Musings with David Beckworth
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Central Bank Space Credibility Crisis Is Piling Up
David Frum: We know the Fed is taking losses. In fact, we had a policy brief written by Andy Levin, Bill Nelson based on one of their NBR working papers that shows the Fed could lose close to a trillion dollars over the next decade. It's like 800, 900 billion every year as rates and losses begin to take form. Big number but things that's not unique to the Fed, it's happening around the world, all these advanced central banks. The big problem here is the failure of the authorities to unwind the balance sheets as soon as the crisis is over.
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