kitchen table math, the sequel: Looking for puppies...

Tuesday, October 13, 2015

Looking for puppies...

This is funny.

(To me.)

I've mentioned several times becoming a Fed watcher in the wake of the crash. Which puts me in a tiny little group of about 5 people in the country:
Using polling data for the US, Binder (2015) documents that the US public lacks knowledge about monetary policy. In particular, only one in every three Americans was able to correctly identify the chair of the Federal Reserve System. Very few were able to predict low levels of inflation when asked about inflation over next ten years. Nor did they appear to display much eagerness to learn about the Fed and monetary policy. In terms of social media, numbers of Twitter and Facebook followers of the Federal Reserve System do not appear remarkable. In fact, FBI, the CIA, and Paul Krugman, among others, have more followers than the entire Federal Reserve System. Google searches confirm this paucity of interest. Total online searches for macroeconomic variables like GDP, the unemployment rate, and inflation are consistently topped by online searches for puppies.

Inflation Targeting and Expectations thing I will say.

It's a lot easier to find puppies on the Internet than GDP (never went back to trend), the unemployment rate (employment to population ratio still up by 3 points, even for prime working age adults), or inflation (low and going lower).

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