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The author Roger Farmer
Roger Farmer
ROGER E. A. FARMER is a Distinguished Professor of Economics at UCLA and served as Department Chair from July 2008 through December 2012. He was the Senior Houblon-Norman Fellow at the Bank of England, January-December 2013.

Roger Farmer’s Economic Window

Roger Farmer is a Distinguished Professor of Economics at UCLA. His blog is filled with commentary on Federal Reserve policy and other macroeconomic topics. His views are a self-described “blend of Keynesian and classical ideas.”

Monetary Finance in the Age of Corona Virus: MMT and the Green New Deal

The world is going through a remarkable transformation in the aftermath of an unprecedented shut down of economies all over the globe. Before the crisis there was already significant debate about how to pay for the costs associated with the transition to a low carbon environment. That debate has intensified as treasuries and central banks are scrambling to find ways to pay, not just for climate change policies, but also for social insurance to compensate the millions of workers who have been...

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Jack Hirshleifer: A Memory

I was approached last month by Junyao Ying, a UCLA alum who is now working in China. Junyao and his wife Weiyi Qiu have recently translated Jack’s book, Investment Interest and Capital into Chinese. Junyao asked me to write a few words about Jack for the translation. This is what I wrote.The economics department at...

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Contagion

Central banks throughout the world are charged not only with price stability, but also with maintaining financial stability. For example, the Federal Reserve is charged with maintaining maximum employment and stable prices and the Bank of England now has an entire new building packed with financial regulators.  Historically, the Fed has achieved its employment mandate by raising the interest rate when output is...

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How Economics Can Help To Improve People’s Lives

Professor Roger Farmer discusses the cost to society of financial instability and how economics can help to improve people’s livesFriday 27 Sep 2019The International Journal of Economic Theory issued a Festschrift in honour of Warwick Professor Roger E.A. Farmer this year. The Festschrift reviews and pays tribute to Roger’s ideas, his career and his intellectual legacy up to the present time....

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Central Bank Equity Purchases: An Idea Whose Time has Come

Writing in the Financial Times last week, BlackRock executive, Rick Rieder, urged the ECB to purchase equities in an attempt to stimulate growth in the Eurozone. Merryn Somerset Webb, disagrees. While Merryn is correct to point out that BlackRock stands to benefit from a policy that would increase equity prices in the Eurozone, that is not a reason to dismiss an idea whose time has come.Critics of central bank...

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The Future of Macroeconomics

In May of 2018, I was privileged to be invited to participate in an ECB colloquium on the Future of Central Banking and Macroeconomics in honour of Vítor Constâncio. Here is a video of my ten minute discussion of a paper by John Muellbauer.This discussion reflects my thinking on many topics including hysteresis, multiple equilibria and the need for a fundamental shift in direction for the future of macroeconomics and...

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Why the Indeterminacy Agenda Matters in the Real World

In a couple of weeks, I will be presenting two lectures at the 20th edition of the Axel Leijonhufvud Summer School in Trento Italy. I’ve also just completed a piece for the Oxford Research Encyclopedia of Economics and Finance on the Indeterminacy Agenda in Macroeconomics. That article is available here as an NBER paper or as an ungated piece directly from my website here. The article shows how far the indeterminacy...

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