New York Times (Free subscription) | 29/11/2008
... seeing a fairly widespread recession, with all major components of demand now in decline,” said Brian Sack, an economist in Washington for Macroeconomic Advisers L.L.C., a consulting and forecasting firm. It expects the gross domestic product to decline in the fourth quarter at an annual rate of 4 percent, down sharply from the contraction of 0.5 percent in the third quarter.For his...
John At CIFT (Free subscription) | 25/11/2008
Former Federal Reserve Governor Laurence Meyer and former Fed economist Brian Sack on Monday became the latest central bank watchers to forecast a zero federal funds rate early next year. http://blogs.wsj.com/economics/2008/11/24/ex-fed-gov-meyer-sees-fed-cutting-rates-to-zero/ As I’ve stated before, this is highly unlikely in the near future. It’ll effectively be zero but there’s no...
Real Time Economics (Free subscription) | 24/11/2008
Former Federal Reserve Governor Laurence Meyer and former Fed economist Brian Sack on Monday became the latest central bank watchers to forecast a zero federal funds rate early next year. In a research note Meyer and Sack, now with Macroeconomic Advisers, said once the federal funds rate reaches zero in January the Fed will “immediately implement non-conventional polices” including...
Law Blog - WSJ.com (Free subscription) | 24/11/2008
... the possibility of such a problem."The conclusions reached at that time still apply today," said Brian Sack of Macroeconomic Advisers LLC, a former Fed economist who co-authored work on the subject with Mr. Bernanke.Here are steps Fed officials could consider:Move fast: Some economists argue that with interest rates already very low, the Fed should conserve its ammunition and avoid...
Real Time Economics (Free subscription) | 28/10/2008
With the U.S. unemployment rate now expected to climb well above 7%, former Federal Reserve governor Laurence Meyer projects that Fed policymakers may have to lower the target federal-funds rate all the way to zero next year. The Federal Open Market Committee is widely expected to reduce the rate to 1% from 1.5% at the conclusion of its two-day meeting Wednesday. Meyer and former Fed economist Brian...
