by Calculated Risk on 5/13/2005 12:57:00 AM

Dr. Mark Thoma has convinced his colleague, Dr. Tim Duy to write a regular piece on the Fed at Economist's View. Before going to the University of Oregon, Tim was an International Economist at Treasury and a Fed Watcher for The G7 Group, a private consulting firm.

Dr. Duy's first piece is up "The Art and Practice of Fed Watching" and offers some great advice, like:

The secret to remember is that Fed Watching is not about your interpretation of the economy or what you would do if you were a Board member. That approach will lead you down a bad road. The secret is to interpret the data as the Fed sees it, and remain agnostic about whether the policy is wrong or right.

And about the housing bubble:

... there may in an asset bubble in the housing market, but don’t expect the Fed to react to that, at least not before it bursts.

A very valuable addition to the econ blogosphere.