Jackson Hole query

Brad DeLong jbdelong at uclink.berkeley.edu
Wed Sep 5 07:44:34 PDT 2001



>So Brad, did Alan G give any hints about monetary policy while you
>were all sitting around the campfire?
>
>Doug

No. He claimed to have developed laryngitis when asked.

I did get the impression that he thought that the problems of corrupting the financial information stream with lousy numbers--"pro forma" earnings, violations of GAAP, places (like options) where GAAP are simply wrong--was a very serious one (the main problem being that financial intermediaries' incentives are all to boost stock prices now, rather than build reputation as honest information brokers).

But he said *nothing* quotable that I can point to to justify my impression. It was all body language and eyebrows.

He is very, very good at what he does...

Brad DeLong



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