Cloud Y
Cloud Y is an FRM-certified economics and finance journalist with 12+ years of experience covering global markets and macroeconomics. From interviewing Nobel laureates to breaking down M&A trends for major banks, Cloud’s work focuses on making complex economic data and concepts accessible. His writing has appeared in the Hoover Digest and iMoney.
Why the Fed Should Keep a Sizeable Balance Sheet, Explains Jeremy Stein
Jeremy Stein, former Federal Reserve governor, talks to us about his recent research “The Federal Reserve's Balance Sheet as a Financial-Stability Tool” and why the Fed should maintain a sizeable balance sheet.
Understanding the Great Recession | Interviews with Larry Christiano |
Larry Christiano, one of the most prominent researcher on DSGE model, explains what his research "Understanding the Great Recession" tell us about the Great Recession as well as labor participation rate's role in the developments of the Great Recession.
A Macroeconomic Earthquake | Q&A with Larry Christiano
In this interview, Prof Christiano shared his view on the development of post-2008 academic macroeconomics. We’ve asked Prof Christiano does he agree that modern macroeconomic models are too complicated for the general public, or even policymakers and if he agrees that economic models should be “simpler”. Does he think the recent revival of ISLM model a “good trend”? Should Macroeconomists hang on their faith in DSGE models? Should they explore alternative paths?
The effects of Unconventional Exchange Rate and Monetary Policy | Q&A with Joseph Gagnon
The honorable guest for this installment is Joseph E. Gagnon, senior fellow at Peterson Institute for International Economics (PIIE). We discussed one of his latest research paper "Unconventional Monetary and Exchange Rate Policies" and the new book he coauthored with C. Fred Bergsten, "Currency Conflict and Trade Policy: A New Strategy for the United States". Gagnon also shared his view on the very popular "Global Financial Cycle" ideas.
How Household Debt affect the Global Business Cycles | Q&A with Atif Mian |
In this installment of the interview, Professor Mian explains the major findings in his recent research paper "Household Debt and Business Cycles World Wide" and the important implications of that paper.
What Has Changed in Macroeconomics Since the Great Recession, Explains Atif Mian
Has macroeconomics had a revolution since the Great Recession? Atif Mian says household credit changed how economists see the business cycle.
Politics and the Economics of Banking Crises | Q&A with Charles Calomiris |
In this installment, we continue our discussion with Prof. Charles Calomiris, Henry Kaufman Professor of Financial Institutions at Columbia Business School. The topic of this installment is the missing role of politics in economics models of banking crises. We also discussed if Calomiris thinks macroeconomics has a similar problem.
The Disappointments with Post-Great Recession Macroeconomics | Q&A with Kocherlakota |
Welcome to the latest installment of our interview series “Where is the General Theory of the 21st Century?”
“Where is the General Theory of the...
How to Reform the Federal Reserve System? | Q&A with Kocherlakota |
Welcome to the latest installment of our interview series “Where is the General Theory of the 21st Century?”
“Where is the General Theory of the...
How the Game of Bank Bargains Created the Financial Crisis? | Q&A with Calomiris...
Welcome to the latest installment of our interview series “Where is the General Theory of the 21st Century?”
“Where is the General Theory of the...
Is Inequality part of Macroeconomics? | Interview with Branko Milanovic |
Branko Milanovic discusses whether the study of inequality can be considered as part of macroeconomics and how should macroeconomists incorporate his idea of Kuznets Waves into their models.
Global Inequality and Kuznets Waves | Q&A with Branko Milanovic |
Welcome to the latest installment of our interview series “Where is the General Theory of the 21st Century?”
“Where is the General Theory of the...
How to Use Interest on Reserves for Inflation Targeting, Explains Ricardo Reis
Can central banks steer inflation with the interest rate on reserves? Ricardo Reis explains his 'reservism' idea and how it differs from the Taylor Rule.
Performance of Macroeconomics Is Not That Bad, Explains Ricardo Reis
In the interview, Ricardo Reis discuss with us his latest research project - "Reservism", the study of the role of reserves on central bank balance sheets and their implications for central bank solvency, quantitative easing, and the ability to control inflation.
What is Payment on Reserves Process?
The payment on reserve process proposed by Robert Hall and Ricardo Reis is a way of remunerating reserves which would give the central bank...
What is the Saturated Level of Reserves?
The Saturated Level of Reserves or efficient level of reserves, is the point which the opportunity cost for banks to hold reserves disappears, and became indifferent towards holding more reserves. The reserve demand curve beyond this point becomes close to horizontal.
Central Bank’s Balance Sheet and the Rise of Reserves
The above figure shows the balance sheet of four major central banks from 2005 to 2015. Above the horizontal axis is the asset side...
Blanchard’s “Policy Model” v “Theory Model”
Back in November last year, Professor Olivier Blanchard discussed with me about his view that there should be four types of macroeconomics, and "theory...
Bernanke on Trump’s Fiscal Policy
Ben Bernanke has a new blog post on Brookings. The focus of the post is to explain "the large difference between the reactions of the Fed and the markets to the change in fiscal prospects since the election"
What is Hysteresis?
Hysteresis is referred to the hypothesis that recessions may have permanent effects on the level of output relative to trend.
What is a New Keynesian DSGE Model?
DSGE is a methodology for a wide range of macroeconomics models. One of the most common formulations is the so-called New Keynesian model. New Keynesian economics can be interpreted as an effort to combine the methodological tools developed by real business cycle theory with some of the central tenets of Keynesian economics tracing back to Keynes’ own General Theory.
How to Teach Macroeconomics After the Great Recession, Explains Olivier Blanchard
How should macro be taught after the crisis? Olivier Blanchard on IS-LM with two interest rates, evidence in DSGE models, and hysteresis.
The Role of DSGE Models in Macroeconomics and Policymaking, Explains Olivier Blanchard
Olivier Blanchard on why macroeconomics doesn't have one model for everything, the four types of macro models, and which ones policymakers should use.
What Macroeconomists agree with each others, according to Blanchard
Olivier Blanchard a list of things that macroeconomists normally agreed on and need no further discussions.
Why Negative Rate is a better policy tool to Higher Inflation Target? Bernanke Explains…
In his latest Brookings blog post "Modifying the Fed’s policy framework: Does a higher inflation target beat negative interest rates?", Ben Bernanke compares two...
How to Apply the Fiscal Theory of the Price Level to the Current Economy,...
John Cochrane talks about Fiscal Theory of Price Level and how can we apply this theory on the current macroeconomy.
What is FTPL—Fiscal Theory of the Price Level?
The Fiscal Theory of the Price Level says that money has value because the government accepts it for taxes, and inflation is fundamentally a fiscal phenomenon
What Neo-Fisherian and the Fiscal Theory of the Price Level Are, Explains John Cochrane
Cochrane discusses with us his view on the development in Macroeconomics since the Great Depression. He also explains what Neo-Fisherian and Fiscal Theory of Price Level are, and why they are important for understanding the current economic situation around the world.
Market Monetarism and Macroeconomics | Q&A with Scott Sumner |
This is the second installment of our interview series "Where is the General Theory of the 21st Century?".
In this second installment, we continue...
Midas Paradox and the Great Depression | Q&A with Scott Sumner |
Welcome! This is the first installment of our interview series "Where is the General Theory of the 21st Century?"
"Where is the General Theory of...
“Concrete Economics” Review
Prof. Brad Delong's blogs, either "bradford-delong.com" or over at " Equitable Growth" , are definitely two of the most influential economics blogs in the...
Interview with Paul Romer – On Charter Cities (and HK) and Growth Theory
"There is a big difference between saying you want to allow for city-scale reform zones that will encourage reform of government and innovation in government, and saying that you want to do away with government entirely and let a corporate entity run a private city," says Nobel winning economist Paul Romer.