Have you ever experienced a rough flight? Photo: Jarrah Tree. Source: Wikipedia. CC0. We’ve all been there. Watching a movie, or in the aisle stretching our legs, when the captain chimes in on the speaker: “Ladies and gentlemen, the radar has detected some turbulence up ahead. [...]

Is inflation real or monetary? Source: Dallas Fed, World Market Advisors Last week I discussed the inflation equation, the formula that Milton Friedman popularized to explain the double-digit inflation of the 1970s. MV = PY M is money, V is velocity, Y is the real economy, [...]

What causes inflation? Source: Cleveland Fed, World Market Advisors I’m old enough to remember public service ads on television asking us that very question. They had characters playing grocery shoppers, business managers, and blue-collar workers. The ad blamed shoppers for not looking for the best deal, [...]