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- BNET Author Biography
Lee Ohanian is a professor of economics at UCLA. Ohanian is an expert in the area of economic crises, including the Great Depression, and has been a consultant to several Federal Reserve banks, international central banks, and the National Science Foundation. .- more about Lee Ohanian »
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- The Fed Fears Deflation More Than Inflation
- In his interesting post, Scott Sumner argues that deflation is more likely than inflation, and that if it occurred, it would damage the economy by effectively raising labor costs to firms, forcing them to lay off more people and worsening our unemployment problems. In contrast, I view deflation as less...
- Blog posts 2009-06-29
- Fed Policy On Inflation: As Good as It Gets
- Scott Sumner argues that the Federal Reserve erred in not expanding the money supply even more than it did last fall, and that monetary policy caused the financial crisis to worsen and our economic crisis to deepen. He suggests that a two percent inflation rate would be superior to the current...
- Blog posts 2009-07-01
- We Need Inflation to Spur a Recovery
- Lee Ohanian makes a very persuasive argument that zero percent inflation does not harm an economy. Sometimes that's true, but I don't think it's the case this time. Because we are all consumers, we naturally think lower prices are good. Yet the U.S. just experienced the lowest...
- Blog posts 2009-07-02
- No, Inflation Is Not the Key to This Recovery
- Scott Sumner is a leading advocate of having the Fed increase inflation from its current rate of about zero to two percent. He forcefully argues that if this could be achieved, then our economy would improve substantially. But in my view, a small increase in inflation wouldn't improve economic performance...
- Blog posts 2009-07-02
Additional Resources
- The Fed's Monetary Policy Has Veered Off Course
- Although the risk of deflation has receded in recent months, Fed policy is still too contractionary for the needs of the economy, as the money supply has not kept up with increases in money demand. Two percent inflation is the goal Both Lee Ohanian...
- Blog posts 2009-06-30
- Deflation is Our Biggest Worry -- Not Inflation
- Many economists are worried about high inflation over the next few years. This is based on a misdiagnosis of the current economic crisis. Although the recession officially began in December 2007, until last August the damage was mostly confined to housing and finance. In August 2008, the recession spread to...
- Blog posts 2009-06-26
- Your Guide to Blog War
- Blog War offers sharp, lively, expert debate on big issues related to the economy, the stock market and personal finance. If you've missed previous exchanges, here's a handy index for you: Scott Sumner vs. Lee Ohanian, 6/26/09: Inflation or Deflation: Which Poses the Greatest Economic Threat? ...
- Blog posts 2009-07-06
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