Kevin Hassett
speaker
2,210 appearances
195 recordings
16 series
first heard Oct 2024
last heard 10 Aug
Kevin Hassett’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 154 in all, peaking in May 2026 with 38.
Appearances
No, I think that there was just an excellent... So the people who were there working with me at that time, the person who was doing consumption, there were two of them.
It was Karen Dinan, who's now a Harvard professor, and Chris Carroll, who's now at Johns Hopkins.
Two of the top consumption analysts over the last 40 years.
The people doing business fix investment were me and Steve Ulner.
And let's see, prices, that was...
Well, what's his name?
Actually, I forget the guy's name that was doing prices, but then we had Steve Braun, who's now at the CDA, who was putting GDP together.
But I think that the really big thing that was happening was that the data were actually telling us that there's a capital spending boom really early on.
And then the way the Fed worked then, and probably still does now, is that we take people who are assigned to be like the consumption person, the investment person, the government person, the...
net export person, and then they forecast that with very complicated models.
And then those forecasts get sent to the GDP coordinator and the GDP coordinator aggregates the models, the forecasts from each of the segments of GDP, and then thinks about like what that means for interest rates and discussion back then with Mike Prell, who was the research director and with Chairman Greenspan.
And then Chairman Greenspan might say, well, what if we move rates this way or that way?
And then everybody would change their forecast.
So most of the stuff that really influenced decisions by Greenspan was coming out of that section of the Fed, not the section that was using, at that point,
updated version of what used to be called the MPS model that was developed by Albert Ando and Franco Modigliani.
That was a sort of big kind of general equilibrium model, ad hoc Keynesian general equilibrium model without a whole lot of expectations.
That was the model they were using back then.
And so I think it was very much data dependent.
Lots of work bottom up.
I don't know if you worked in the economic activity section, but we wrote a fellow named Greg Brown, who's now a professor at North Carolina, was my research assistant at the time.
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