As Brazil central bank President Alexandre Tombini wraps up a two-day policy meeting in Brasilia today, there’s one thing his three-year tenure has proven is almost certain: he will not leave interest rates unchanged.
Ben S. Bernanke arrived at the Brookings Institution to begin the next chapter in his professional life, the first workday after ending an eight-year term leading the Federal Reserve through crisis and recession.
Ben and Milton are together. Ben is asking Milton a question: “Shall there be action, Master, or depression?” Ben is like Obi-Wan Kenobi to Milton’s Yoda. At first, Milton doesn’t answer. Finally, Milton speaks. “Depression let it be. Deflation it must be.”
It’s hard to know sometimes which is the greater threat to prosperity -- headlong technological progress that’s destroying decent jobs and hollowing out the middle class, or fading technological progress that’s causing persistently slow growth. With a little ingenuity, you could no doubt combine these ideas and worry that technological progress is both too fast and too slow.
Anna Schwartz, an economist and co- author with Milton Friedman of a book on monetary policy that shaped the views of central bankers including Federal Reserve Chairman Ben S. Bernanke, has died. She was 96.