In a previous article (December 10, Goodhart’s Law and Monetary Policy) we discussed Goodhart’s Law which says that once an observed empirical relationship begins to be relied upon, it will no longer work. In that […]
Read moreCalifornia has now had three consecutive months of job gains, and the State’s unemployment rate has been declining, albeit slowly. That’s an improvement, but it’s not time to break out the bubbly. For one thing, […]
Read moreForecasting is always difficult. It is even more difficult when the data keep changing. This year, we’ve been plagued by very large adjustments to GDP data. Most have been downward adjustments, but a few have […]
Read moreGoodhart’s Law (named after economist Charles Goodhart) says that once an observed empirical relationship begins to be relied upon, it will no longer work. This law, or a variant, comes up in a lot of […]
Read more