EconoMeter: What Surprised Economists the Most in 2011?
Saturday, December 24, 2011
San Diego Union-Tribune -- Q: Did you have a major professional accomplishment in 2011? What surprised you most about the economy this year?
Norm Miller, University of San Diego, Answer: YES
In 2011 I was most surprised by the accommodating monetary policy, originally set to expire in June of 2011 but extended for another year and a half, keeping interest rates low in an attempt to stimulate the economy. I had expected interest rates to start climbing this year without such intervention. I have been surprised by the lax accountability for top executives who misled investors into buying over-rated securities or to learn just how many insiders (Greenspan, Rubin, Summers) blocked previous attempts to help limit the risks in the financial system. In terms of major accomplishments: Paid all my bills on time, kept my word to everyone, tried to help more at home, taught as well as I could, didn’t take myself too seriously, held my new granddaughter, spoke to a few national meetings, published a few papers. (Full Story)