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Institutional Economics

Stephen Kirchner

Economics, finance and public policy.

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Latest Issues

My review of The Age of Turbulence, by Alan Greenspan (1926-2026)

To mark the passing of Alan Greenspan at the age of 100, I am re-posting my 2007 review of his memoir, The Age of Turbulence. Contrary to its title, we now look back on Greenspan’s tenure as a period of relative macroeconomic stability, the...

5 days ago
1

Consumers, voters and inflation

Economic voting is coming for your politics

e61’s Gianni La Cava has a nice paper on the role of inflation in the recent record lows in consumer sentiment in the US and Australia. These records go back to 1952 and 1973 respectively on some...

9 days ago
2
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Nowhere to hide

Kevin Warsh and the core PCE decomp

The US CPI and PCE deflator are perhaps among the most widely and thoroughly decomposed time series on the planet. The point of these decompositions is to shed light on the drivers of inflation. Under an...

16 days ago
3
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Mind the gaps

Output gap measures in the US, Japan, Canada and Australia

Output gaps attempt to decompose real GDP into cyclical and trend components. The cyclical component reflects the demand pressures that predict inflation and are of most interest t...

23 days ago
2
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Immigration and living standards in the long-run

Australia, Belgium and Sweden

Joe Walker has produced a series of podcasts addressing Australia’s historical and more recent experience with immigration. The series includes interviews with former Treasury secretary Martin Parkinson; forme...

a month ago
1
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  • Stephen Kirchner

    Financial market, think-tank and academic economist based in Sydney, Australia. Views expressed in this newsletter are my own and should not be attributed to current or previous employers.

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