What a fine persecution – to be kept intrigued without ever quite being enlightened

I’m a sucker for long form interviews where they largely just give the transcript.  There’s a lot of good stuff from Boston Fed President Eric Rosengren (nonvoting until 2019) in this NYT piece.

Boston Fed’s President Makes Case for Interest Rate Hikes

Right off the bat, he hits us with this gem:

“A number of papers at the conference highlighted that some of the economic relationships that are frequently assumed to be stable over time have proven to be not so stable as we have come out of the financial crisis. These structural changes mean that if you tried to have a model that was fairly invariant to these changes, or a process that was invariant to these changes, there would start being big misses in monetary policy.” – Rosengren

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