Stephen Williamson
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1954swilliamson.bsky.social
Stephen Williamson
@1954swilliamson.bsky.social
1.1K followers 170 following 700 posts

Professor, Western University (University of Western Ontario)

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Business 3%
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1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 48m
Editors do something. Who knew?

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 4d
This is actually something I might do.
theonion.com The Onion @theonion.com · 4d
Dad Calling    Just To Say He Loves King Crimson https://theonion.com/dad-calling-just-to-say-he-loves-king-crimson/
Dad Calling    Just To Say He Loves King Crimson

Reposted by Stephen D. Williamson

theonion.com
The Onion @theonion.com · 4d
Dad Calling    Just To Say He Loves King Crimson https://theonion.com/dad-calling-just-to-say-he-loves-king-crimson/
Dad Calling    Just To Say He Loves King Crimson

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 7d
Take out "the potential to" and the statement is false. And explaining why there is "potential" is quite difficult.
smtuffy.bsky.social Tuffy @smtuffy.bsky.social · 7d
I really don’t think this is true and it’s unclear to be why the BoE does

Reposted by Stephen D. Williamson

smtuffy.bsky.social
Tuffy @smtuffy.bsky.social · 7d
I really don’t think this is true and it’s unclear to be why the BoE does

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 20d
2/balances or a halt in passive reductions in the Fed's asset portfolio. Overnight interest rate control is straightforward given existing tools.

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 20d
1/The Fed has confused the markets by the way it speaks to monetary policy in terms of a fed funds rate range, and by how it sets the interest rates on its reverse repo and standing repo facilities. It's silly to argue that recent developments in overnight markets reflect a need for more reserve...

Reposted by Stephen D. Williamson

michaelsderby.bsky.social
Michael Derby @michaelsderby.bsky.social · 20d
Wall Street moves to embrace imminent end to Fed balance sheet drawdown and increasingly sees central bank needing to restock financial system with cash.
Market liquidity concerns cloud end of Fed's balance sheet drawdown
As Wall Street's expectations have rapidly shifted toward an imminent end to the Federal Reserve's effort to shrink its bond holdings, some analysts also anticipate a return to balance sheet expansion in relatively short order.
www.reuters.com

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 21d
4/One puzzle is why the Fed still bothers telling us about its overnight interest rate target in terms of a fed funds rate range, rather than a target for SOFR. Especially since they are in fact targeting SOFR.

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 21d
3/fall, there will be more takeup on the standing repo facility, and the interest rate offered at the standing repo facility will determine SOFR. So, no big deal. But we will see some window dressing on the Fed's part, as they will want the fed funds rate to fall within the prescribed range...

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 21d
2/on reserves, reverse repos parked at the Fed, and the Fed's standing repo facility, takeup on the reverse repo facility goes to zero, and then the overnight repo rate (SOFR) becomes unmoored from the rate offered at the reverse repo facility. As the size of the asset portfolio continues to...

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 21d
1/First, it is not clear what "ample" is supposed to mean. Second, even if we knew what ample means, it's not clear why ample might be optimal. Third, what "tightness?" What we're seeing is that, consistent with past behavior of overnight markets, there's a point where, given the interest rates...
winmonroe.bsky.social Win Monroe @winmonroe.bsky.social · 21d
Recent tightness in money markets indicates the Fed is getting near or is at an "ample" level of reserves. Given the political pressure on the Fed, there is surely little stomach for a repeat of 2019 repo turmoil. The Fed has a variety of policy levers at hand (1/n)

Reposted by Stephen D. Williamson

winmonroe.bsky.social
Win Monroe @winmonroe.bsky.social · 21d
Recent tightness in money markets indicates the Fed is getting near or is at an "ample" level of reserves. Given the political pressure on the Fed, there is surely little stomach for a repeat of 2019 repo turmoil. The Fed has a variety of policy levers at hand (1/n)

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 21d
This paper claims that MMT includes "a well-developed
theoretical framework (including mathematical models)" I scrolled through the paper and couldn't find any symbols, save in some national income accounting identities. No "mathematical model" in sight.
repec-nep-mac.bsky.social NEP-MAC: Macroeconomics @repec-nep-mac.bsky.social · 21d
"Modern Money Theory on Fiscal and Monetary Policies: Empirics, Theory and Policymaking"
NEP/RePEc link
to paper
d.repec.org

Reposted by Stephen D. Williamson

repec-nep-mac.bsky.social
NEP-MAC: Macroeconomics @repec-nep-mac.bsky.social · 21d
"Modern Money Theory on Fiscal and Monetary Policies: Empirics, Theory and Policymaking"
NEP/RePEc link
to paper
d.repec.org

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · 27d
Interesting. Waller's speech proposes Fed "payment accounts," which are effectively limited reserve accounts. He doesn't call this stuff central bank digital currency, but clearly the intention is to expand the reach of the Fed in wholesale payments involving the crypo sector.

Reposted by Stephen D. Williamson

federalreserve.gov
Federal Reserve @federalreserve.gov · 27d
Governor Waller delivers opening remarks at the Payments Innovation Conference: www.federalreserve.gov/newsevents/s...

Watch live: www.federalreserve.gov/conferences/...
www.youtube.com/federalreserve

Learn more about Governor Waller: www.federalreserve.gov/aboutthefed/...
Payments Innovation Conference
economic Conference - The Federal Reserve Board of Governors in Washington DC.
www.federalreserve.gov

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Oct 18
2/about the worst. I would give the prize to Beijing. The air will kill you (though maybe it's improved).

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Oct 18
1/If you want a major city, Central Park is pretty nice, though crowded. But, suppose I get to choose my city. Some of these big cities are nice to visit, but I prefer a mid-sized city. Or if I want things that are nice to look at, Boulder Colorado and Banff Alberta are great. We could also talk...

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Oct 18
2/listen to the heavy traffic on the Lakeshore. Toronto is worse, of course. There's nothing like that close to the lake, and the Gardiner Expressway is a barrier between the city and the lake.

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Oct 18
1/Haha. It looked a lot like the view over the east river I saw 2 weeks ago. Now I recognize the Chicago skyline. I still like it better here. To get down to that running path from Chicago downtown, you have to get across Michigan Ave, Columbus Dr, and the Lakeshore. Then, on the path, you get to...

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Oct 17
I was in NYC two weeks ago, and went for a run. The running path by the river in London Ontario is far superior.
bellmanequation.bsky.social Noah Williams @bellmanequation.bsky.social · Oct 17
Best running path in a major city in the US

Reposted by Stephen D. Williamson

bellmanequation.bsky.social
Noah Williams @bellmanequation.bsky.social · Oct 17
Best running path in a major city in the US

Reposted by Stephen D. Williamson

apnews.com
The Associated Press @apnews.com · Oct 17
The Australian government has begun a public education campaign with tips on how to wean children off social media ahead of a world-first national 16-year age limit taking effect.
Australia sharing tips on curbing social media for children before age limit starts in December
The Australian government has begun a public education campaign with tips on how to wean children off social media ahead of a world-first national 16-year age limit taking effect.
bit.ly

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Oct 13
Pleased that Peter Howitt has received the Economics Nobel. Peter is from Guelph, Ontario, and started his work with Philippe when he was here, at the University of Western Ontario.

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Oct 11
Who's saying Johnny isn't cool? While he was alive, he was always cool.

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Oct 11
Putting this gasoline fire out with my bare hands is health first.

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Sep 25
3/we need some sort of different unconventional math, but we're not told what it might be, or given examples of how it might work. Thanks, but I think we're fine.

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Sep 25
2/for 3rd and 4th year undergrad honours students, which I teach more-or-less at a masters level. So, the guy who struggled with something that my undergrads can do seems confident enough to opine on what math we should use in economics generally - in our teaching, research, whatever. Apparently...

1954swilliamson.bsky.social
Stephen Williamson @1954swilliamson.bsky.social · Sep 25
1/What's wrong here? Harford starts this piece by telling us about his experience with an MA program in economics: "Everything was drenched in incomprehensible mathematics — or, to be more honest, maths that I could not comprehend." So, Harford would have trouble in my class - monetary economics...