Tuesday, May 5, 2009
Daily Diversion / Silverman / The Economy Economic Hazard: Country Music You Can Default To
Posted by Jack Silverman on Tue, May 5, 2009 at 8:03 AM
Nashville's own Merle Hazard, who bills himself as the "first and only country singer to write about about mortgage-backed securities, derivatives and physics," is back.
Hazard, the man behind such classics as "Mark to Market" and "Green With Envy," found inspiration for a new song after speaking with Stanford University economics professor John Taylor, a monetary policy expert who served as Under Secretary of the Treasury for International Affairs during Dubya's first term. Most noteworthy, he formulated the "Taylor rule," a widely accepted method for determining how much the Federal Reserve should change the nominal interest rate based on a variety of factors including inflationary trends, GDP and employment level. (Now you too can impress your friends at cocktail parties!)
The full version of Hazard's new song, "Inflation or Deflation," is available here.
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