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...signs hanging around the station. But, for Mohammed, the instinct for self-preservation was overridden by the desire to help the other guy call home. That sealed his fate: The police chief saw the act of disobedience, and Mohammed was thrown into a cell where I could no longer...
...past year as compared with the 6 percentage point jump that followed the 1973 oil price shock.4 From the perspective of monetary policy, just as important as the behavior of actual inflation is what households and businesses expect to happen to inflation in the future, particularly over the longer term. If people expect an increase in inflation to be temporary and do not build it into their longer-term plans for setting wages and prices, then the inflation created by a shock to oil prices will tend to fade relatively quickly. Some indicators of longer-term inflation expectations have risen...
...Because monetary policy works with a lag, the short-term inflationary effects of a sharp increase in oil prices can generally not be fully offset. However, since Paul Volcker's time, the Federal Reserve has been firmly committed to maintaining a low and stable rate of inflation over the longer term. And we recognize that keeping longer-term inflation expectations well anchored is essential to achieving the goal of low and stable inflation. Maintaining confidence in the Fed's commitment to price stability remains a top priority as the central bank navigates the current complex situation...
...sure, new technologies and increased international trade can lead to painful dislocations as some workers lose their jobs or see the demand for their particular skills decline. However, hindering the adoption of new technologies or inhibiting trade flows would do far more harm than good over the longer haul. In the short term, the better approach is to adopt policies that help those who are displaced by economic change. By doing so, we not only provide assistance to those who need it but help to secure public support for the economic flexibility that is essential for prosperity...
...syllabi for the mandatory introductory courses for concentrators in history and social studies (the “interdisciplinary concentration in the social sciences at Harvard College”) are confined to Western authors and theorists. While no longer mandated (the history department’s current requirements are one course in pre-modern history, one course in Western history, one course in non-Western history, and six additional half-courses in the department or related fields), the traditional survey courses that are so fundamental to a background in historical study have a Western bias. The measly two weeks spent...