Wednesday, October 23, 2013

Midweek Market Monetarist Links and Summaries - 10-23-13

David Beckworth speculates about supply side influences and policy implications for the output gap:
Among other things, David encourages us not to "be derpy"- also don't be afraid of the very strange world of the ZLB that Krugman sees:
James Pethokoukis of AEI interviews David Beckworth in this podcast, and a transcript is included:
If you do X and there is no measurable change...

Lots from Scott Sumner, recently. First, he reminds us that The stock market cares a lot about the budget fiasco.
Just one of the benefits of monetary policy - it doesn't add to the national debt:
Miles Kimball on the good, the bad, and the ugly
Was Daniel Thornton discussing instrument rules, or targeting rules?
It's better to "not target" NGDP (level targeting) than to "not target" inflation
Low rates - easy money or weak business investment? Greenspan vs. Taylor
In reply to this post by Arnold Kling, Scott explains that
Big government is not Keynesianism (and vice versa)
It's hard to be a "real" developed nation when infrastructure of any kind gets delegated to the back burner (or simply turned off): Choices, Choices
Does money illusion contribute to "housing bubbles"? Perhaps, when 30 year mortgages are involved: Did tight money cause the 2006 housing bubble?
What did Yi Wen mean? A puzzling paper from the St. Louis Fed
Also, A note on exchange rate regimes and macro outcomes

Marcus Nunes "wins the Internetz" this week for plenty of posts!
One size fits all monetary policy has not been kind to nominal spending, in graphs:
Some central banks are better at following specific rules, than the Fed (re Daniel Thornton)
In graphs - only after nominal income collapsed, the real economy tanked:
Some of us remember that house prices began their rise in the nineties:
In graphs - comparisons for three crashes
What to think, of the "demonization" of Greenspan?
Some variations in government spending at local levels:

Nick Rowe puts on his "first year" teacher hat, for students:

Like Lars Christensen, sometimes I am concerned that it is hard for the public to tell the difference between the serious Austrian academic, and - in this case, the Facebook version:

Justin Irving links to and recommends Eugene Fama's "My Life in Finance"

David Glasner (part VII):

From Britmouse - not quite what Bernanke would have expected!

More interesting links this week:
I enjoyed this post by Bonnie Carr. Rebel lock, indeed!
from Tim Harford, re unemployment:
Where is the innovation in healthcare? Miles Kimball links to Robert Graboyes
Certainly a unique video:

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