Monday , September 16 2019
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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.”

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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Why deficits are sustainable and inflation has a life of its own

My new working paper “The Fiscal Theory of the Price Level in Overlapping Generations Models” is now available here. The paper, joint with Pawel Zabczyk of the IMF, is also available as CEPR Discussion Paper 13432 and as NBER Working Paper 23445. Here is a teaser from the abstract“We demonstrate that the Fiscal Theory of the Price Level (FTPL) cannot be used to determine the price level uniquely in the overlapping...

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Social Progress is not an Illusion

I recently came across this critical review of Steven Pinker’s book, Enlightenment Now: The Case for Reason, Science, Humanism, and Progress, by Jeremy Lent in the online magazine, Open Democracy. Jeremy makes some good points, but then proceeds dramatically to overstate his case by painting a monothlithic concept of ‘free market economics’ as the enemy of progressives everywhere. There is no such thing as free...

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Don’t Trust the Markets

In a week when the Vix is at a seven-year high and the markets are back to the trading range of the summer of 2017, now seems like a good time to revisit the theme of market efficiency. Here is a link to the pre-publication version of an academic paper I published this year in the Review of Economic Dynamics. The paper is a formal model of an argument...

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Conference at the Bank of England

Last year I co-organize d a highly successful conference at the Bank of England on Economics and Psychology. You can find links to videos from most of the conference presenters here. This year I am co-organizing a second conference with the title, "Economics and Psychology: New Ways of Thinking about economic policy". The conference will take place on Monday July 9th and Tuesday July 10th. We have a tremendous line-up of...

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