The origin story of Friedman’s “long and variable lag”
Jul 24, 2023

The origin story of Friedman’s “long and variable lag”

Today: How Milton Friedman's idea became standard thinking. Plus, COVID relief funds help a Massachusetts guaranteed income program.

Segments From this episode

It's not just the Fed. Central banks around the world are meeting this week.

Jul 24, 2023
The European Central Bank, the Bank of Japan and others will also weigh rate hikes. The world will be watching for hints of policy changes.
Christine Lagarde, president of the European Central Bank.
Daniel Roland/AFP via Getty Images

Milton Friedman’s “long and variable lag,” explained

Jul 24, 2023
A concept popularized by Milton Friedman in the 1960s still influences how the Fed talks about monetary policy today.
The phrase that Milton Friedman popularized — long and variable lag — still helps orient monetary policymakers today.
Alex Wong/Getty Images

Retailers brace for more supply-chain woes as Teamsters threaten a strike against UPS

Jul 24, 2023
The last strike occurred more than 25 years ago — before the delivery business exploded. The current contract expires next week.
UPS workers at a recent Teamsters rally in Los Angeles. Without a labor contract, workers could go on strike as soon as next week.
Frederic J. Brown/AFP via Getty Images

Piano movers, inspectors and more feel the pain of housing market slowdown

Jul 24, 2023
More people are staying put, which means they’re not paying for the adjacent services we need when buying a home.
With more people staying put, there's less of a need for moving-related services, like movers.
Joe Raedle/Getty Images

Cambridge expands guaranteed income program to all eligible families

Jul 24, 2023
Cities around the country have been using some of their COVID relief funding to pilot guaranteed income programs. Cambridge is the first to expand it to all eligible families.
Starting in late June, about 2,000 families in Cambridge, Massachusetts will receive $500-a-month cash payments, no strings attached, for the next year and a half.
Robert Nickelsberg/Getty Images

Time again for home-based Utah baker to "fly the coop" for a commercial space

Jul 24, 2023
Rita Magalde of Sheer Ambrosia is preparing to bake baklava in a Salt Lake City space.
Rita Magalde, center, with her employees Desi Hayda, left, and Hayda's mother, Helene Simpson, right.
Courtesy Rita Magalde

Music from the episode

I Feel It Coming The Weeknd, Daft Punk
Never Catch Me Flying Lotus, Kendrick Lamar
'93 Til Infinity Souls of Mischief
Circles Post Malone
Make It Better Anderson .Paak, Smokey Robinson
Privacy Quasimoto, Madlib

The team

Nancy Farghalli Executive Producer
Maria Hollenhorst Producer II
Andie Corban Producer I
Sarah Leeson Producer I
Sean McHenry Director & Associate Producer II
Richard Cunningham Associate Producer I
Dylan Miettinen Associate Digital Producer