Since 2007 he has blogged at Econospeak, http://econospeak.blogspot.com.

This, in econospeak, is called a gain in efficiency, and it raises the standard of living for those United States consumers.

But when two countries are subject to strong "asymmetric shocks"--which is econospeak for saying that if they shared a common currency one would sometimes be in a boom while the other was in a slump and vice versa--there is a good case for their having separate currencies whose relative values are allowed to fluctuate.