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Jun 01, 2022

Thanks to all my subscribers.

I want your feedback on how to improve my Substack, especially changes that would make you consider a paid subscription. I write for you, not me. Plus, I need to use my time wisely. Time is money, and this is not my day job.

Here are recent examples of the types of posts that I write:

1. Current macro conditions with an emphasis on the Fed

Stay-At-Home Macro

Is inflation coming down in a "clear and convincing" way?

In April, monthly inflation excluding food and energy was 0.3%. That’s in line with the prior two months. By contrast, core was around 0.5% around the end of the year. While May and June will be decisive, we are on track for core inflation in the second quarter to step down to around 4% at an annual rate from the 5% pace in the first quarter. (See below through 2022:Q1.) That’s progress…

3 years ago · 2 likes · 1 comment · Claudia Sahm

2. Explanations of research set in a policy context

Stay-At-Home Macro

Lessons from the 1960s for the Fed?

A pressing policy question is how quickly the Federal Reserve should move to bring inflation down. The late 1960s, when the Fed missed its chance to rein in inflation early, are often pointed to as a reason to act aggressively now. However, new research…

3 years ago · 1 like · 2 comments · Claudia Sahm

3. Reactions to news and commentary

Stay-At-Home Macro

Unemployment affects everybody too

Here’s former Fed Chair Ben Bernanke on why inflation is a broader concern than unemployment: The difference between inflation and unemployment is that inflation affects just everybody. Unemployment affects some people a lot, but most people don’t respond too much to unemployment because they’re not personally unemployed. Inflation has a social-wide kind…

3 years ago · 7 likes · 4 comments · Claudia Sahm

4. Family finances, sentiment, and inequality

Stay-At-Home Macro

Don't tell people how to feel about inflation.

Inflation is too high. People are angry when they pump their hard-earned paychecks into their gas tanks. Others are scared inflation will stay high, and they’ll have to cut back more and more. Maybe the stimulus checks and lower interest rates made them happy before, but that’s cold comfort now. Most of all, It’s insulting to tell people to buck up and …

3 years ago · 14 likes · 7 comments · Claudia Sahm

5. Fiscal policy

Stay-At-Home Macro

Rules are made to be broken

The Sahm Rule is a historical pattern, not a law of nature. The past few years are unlike anything in living memory. Celebrate the wins, prepare for the worst, and fight like hell to get us to the other side of the pandemic and defend democracy. Don’t bet on the rules…

3 years ago · 13 likes · 2 comments · Claudia Sahm

I am committed to writing at least one paid-only post every other week. Last Friday’s post is a good example of how I’d put most of the content behind the paywall.

Ok, so what are your favorite types of posts? Are there other ones you would like? What content might you pay for?

Any feedback you might have for me is very much welcome. You can put them in the comments or reply to me by email.

Jose Galdamez

Jun 1, 2022

As a layperson who enjoys learning about macro topics, numbers 2, 3, and 5 stand out as the most substantive focus areas that would keep this Substack interesting. One of the challenges in the macro Substack space is finding themes that other writers don't already cover ad nauseam and standing out with unique viewpoints. There's one Substack author in particular that publishes the equivalent of multiple book chapters a week; it's challenging to filter out so much noise. Quality over quantity is a solid approach.

If this Substack stays focused on policy discussions centered on research, challenging or expounding on econ social media posts, reviewing econ books and academic papers, or recommending econ books and articles, that would make the subscription worthwhile.

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Greg Costigan

Hey Claudia. I like it when you:

1. Take a current economic issue (inflation, wage growth, etc)

2 Give policy recommendations to make that better

3. Show the anticipated impact of said policy recommendation

With your knowledge and perspective, I find that incredibly helpful and interesting,

Greg

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Stay-At-Home Macro (SAHM)

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