Wednesday, September 18, 2013

Midweek Market Monetarist Links and Summaries - 9/18/13

It's good to finally be online again, after days of technical difficulties with my computer which I was unable to satisfactorily resolve. Yesterday I brought home a small Lenovo laptop and am quite happy with it - so far! Perhaps the real quest for me is just to get better about taking such interruptions in stride. At any rate, my forays online recently have been quite limited, but hopefully enough to at least provide some helpful links today:

Yichuan Wang says that - like engineering - economics is a broad discipline that covers many fields. This good defense of economics was also noted by The Browser - I believe the second time they've picked up on Yichuan's posts this year.

Britmouse provides UK examples as to why real wages are not real incomes:
http://uneconomical.wordpress.com/2013/09/12/british-living-standards-are-rising-because-real-wages-are-falling/
aaand, why a creditism scheme wasn't such a good idea:
http://uneconomical.wordpress.com/2013/09/13/the-special-liquidity-scheme-and-the-failure-of-creditism/

Ashok Rao made an argument which really needed to be made, and one that also weighed on my mind - why bother with negative interest rates when you can have NGDPLT?
http://ashokarao.com/2013/09/11/the-economys-not-a-rock-and-paper-isnt-killing-it/

Josh Hendrickson (The Everyday Economist) explains that it's not enough to rely on inductive reasoning to support one's theories.
http://everydayecon.wordpress.com/2013/09/12/monetarism-debt-and-observational-equivalence/

Nick Rowe reminds us that...sorry finance, macro roolz!
http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/thoughts-on-teaching-the-time-value-of-money.html
More MOA versus MOE in the Battle of the Paintings:
http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/moe-vs-moa.html
Bertrand, Cournot and the Simple Money Game
http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/bertrand-cournot-and-the-simple-money-game.html

Scott Sumner has lots of posts this week, here are some:
My Mercatus paper on monetary offset
Cash is getting more important as bank deposits become less important
My final attempt to explain the MOA
A note on currency depreciation and liquidity traps

Monetary policy should not be dependent on a single personality, as Lars Christensen notes in a post which includes the link for his latest article at City AM.
http://marketmonetarist.com/2013/09/17/rules-vs-central-bank-superheros/

Some reflections. Scott Sumner marks the day he became a Market Monetarist, five years ago:
September 16, 2008
Also, Bonnie Carr (dajeeps) notes when she became a Market Monetarist, five months later:
http://dajeeps.wordpress.com/2013/09/17/nostalgia-post-february-2009-and-now-im-a-copycat-today/

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