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So an austrian goes for a FED job interview...

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Vitor posted on Wed, Sep 9 2009 12:10 PM

It sounds like the start of promising joke, but it really happened and hilarity ensued nonetheless. Im a member of a Pearl Jam forum where there is this another guy who is an economist and actually studied in Auburn, he is the one who introduced me to mises.org. So let me quote him....

 

i should tell the story about my job interview with the fed here in kansas city. they asked me about optimal monetary policy, and hilarity quickly ensued.

so they started off asking basic technocratic economic questions..."what should the fed do when inflation is increasing?", "why do bond prices and their yields move in opposite directions?", "what happens when the fed increases the reserve requirement?", etc.  i prefaced every answer with the words "the textbook says..."  so when inflation is increasing, i said "the textbook says you raise rates."  they noticed, and at the end of the interview they asked why i prefaced every answer with "the textbook says..."  i said, "because i don't always agree with the textbook, particularly when it comes to the actions of the federal reserve."  i then turned the tables and put them on the defensive.  a nutshell:

me: what are your feelings on price and wage controls?

them: we're against them.

me: do you disagree that interest rates are prices, that they communicate information about the real state of the economy, the capital structure, and producer/consumer sentiments?

them: it's more complicated than that...

me: if you don't have another interview scheduled after mine, i don't mind waiting and listening to your explanation.  how exactly can the fed manipulate interest rates and not expect consequences not unlike those that result from controlling other prices and wages (ie...minimum wage, rent control, etc)?

them: the nature of money is very different than is the nature of other goods and services.  blah, blah, blah...

me: fair enough, but that doesn't distract from the fact that distorting the price of money, as communicated by interest rates, has effects on the real economy.  if it didn't there would be no need for the fed in the first place.  if the fed's actions had no real effect, it would be a redundant institution, no?

them: .............................

me: i'll show myself out.  thanks.

 

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Eric replied on Wed, Sep 9 2009 2:41 PM

awesome, btw Ten is a great album, but I prefer Soundgarden and Nirvana

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That is awesome indeed!

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That's why the austrians will never take over the world. We should start by infiltrating the enemy. No strategic thinking at all! :)

If I hear not allowed much oftener; said Sam, I'm going to get angry.

J.R.R.Tolkien, The Lord of the Rings

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Big Smile  This is why I prefer to view them as the chimps they are (refer to avatar picture).  Ben does have a lot of facial hair...

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Obviously his resume lacked sufficient affiliation with the AFL-CIO.

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Natalie:
That's why the austrians will never take over the world.

That's not the Austrian goal.

Natalie:
We should start by infiltrating the enemy. No strategic thinking at all! :)

I really hope you are kidding.

"When you're young you worry about people stealing your ideas, when you're old you worry that they won't." - David Friedman
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Why so serious? ;)

But what if he could have found the lost 2 trillion dollars? :)

If I hear not allowed much oftener; said Sam, I'm going to get angry.

J.R.R.Tolkien, The Lord of the Rings

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Natalie:
Why so serious? ;)

I told you, I don't know where you stand, and when I ask, you evade.  So I assume the worst.

As a russian, I would hope you would appreciate my cynicism.  Wink

"When you're young you worry about people stealing your ideas, when you're old you worry that they won't." - David Friedman
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Vitor replied on Wed, Sep 9 2009 5:21 PM

Eric:

awesome, btw Ten is a great album, but I prefer Soundgarden and Nirvana

Vitalogy, No Code and Yield are 1 gazillion times better than Ten.

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Vitor replied on Wed, Sep 9 2009 5:22 PM

Unexpected update: He didnt get the job. Surprise

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Vitor:

Unexpected update: He didnt get the job. Surprise

He should sue for discrimination.

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liberty student:
I told you, I don't know where you stand, and when I ask, you evade.  So I assume the worst.

It's not that I deliberately evade I just try to avoid generic statements because there're many variations in practical terms.

If I hear not allowed much oftener; said Sam, I'm going to get angry.

J.R.R.Tolkien, The Lord of the Rings

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Natalie:

liberty student:
I told you, I don't know where you stand, and when I ask, you evade.  So I assume the worst.

It's not that I deliberately evade I just try to avoid generic statements because there're many variations in practical terms.

+ evade

;p

Ron Paul is for self-government when compared to the Constitution. He's an anarcho-capitalist. Proof.
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Conza88:

Natalie:

liberty student:
I told you, I don't know where you stand, and when I ask, you evade.  So I assume the worst.

It's not that I deliberately evade I just try to avoid generic statements because there're many variations in practical terms.

+ evade

;p

Yeah, exactly what I mean.  She's good.

@Natalie, I relent. You are a person of mystery.

"When you're young you worry about people stealing your ideas, when you're old you worry that they won't." - David Friedman
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