Narayana Kocherlakota The Federal Reserve’s track record of economic forecasting is a lot better than many observers recognize. It might also offer some insight into the central bank’s approach to managing the recovery. Criticism of the Fed’s forecasting has focused largely on its failure to recognize, as late as mid-2008, the depth and persistence of the recession that the ...

  The share of Germany’s electricity generated from renewable sources has tripled during the past decade, to 30.1 percent. That’s impressive, especially when compared with what has happened in the U.S. On the other hand, the percentage of Germany’s electricity generated by burning coal isn’t all that much lower than it was a decade ago, and is higher than it ...

  The International Monetary Fund and European finance ministers hailed their new agreement on Greece as a “major breakthrough.” In reality, it’s the beginning of a permanent fudge designed to make the intractable Greek problem a political non-issue for Greece’s EU partners and reduce the financial and reputational risk for the IMF. It’s the equivalent of canceling visitation hours for ...