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Macro, Micro, Minnesota

Macro, Micro, Minnesota analyzes the big stories in the news through the lens of economics. It is written by College of Saint Benedict and Saint John's University professor Louis D. Johnston.

Outgoing Federal Reserve Chair Janet Yellen

One potential problem with the Fed’s vote to raise interest rates: The Fed might not know how the economy works

The Fed bases its decision on one theory of the relationship between unemployment and inflation. But that theory may be wrong.