Wednesday, November 20, 2013

Midweek Market Monetarist Links and Summaries - 11/20/13

Needed: better quality Fed governors. Marcus Nunes also notes a new, downloadable e-book for forward guidance in this post: http://thefaintofheart.wordpress.com/2013/11/13/free-to-speak-out/
Is "pushing on a string" really working from the "right end" of the telescope? http://thefaintofheart.wordpress.com/2013/11/13/if-you-didnt-know-you-should/
Would a little deflation now be a "good" thing? Hmmm:
http://thefaintofheart.wordpress.com/2013/11/14/the-cato-conference-takes-off-and-crashes/
Marcus provides links for a Free Exchange roundtable:
http://thefaintofheart.wordpress.com/2013/11/15/unconventional-monetary-policy-ump%e2%89%a0easy-money-em/
Why does everything look like a bubble?:
http://thefaintofheart.wordpress.com/2013/11/17/when-you-set-out-to-control-a-bad-you-lose-sight-of-the-good/
Explanations in graphs, why the years prior to the crisis were not "easy money"
http://thefaintofheart.wordpress.com/2013/11/18/the-fixation-on-2003-05/
A guest post by Benjamin Cole - There's something about groupthink:
http://thefaintofheart.wordpress.com/2013/11/18/groupthink-plosser-and-the-fed-oblations-to-zero-inflation/
Marcus takes a look at Bernanke's legacy:
http://thefaintofheart.wordpress.com/2013/11/20/when-fiction-and-reality-clash-the-bernanke-legacy/

Hard to believe that hyperinflation could be a problem, in the same timeframe as deflation. From Lars Christensen: http://marketmonetarist.com/2013/11/14/venezuelas-monetary-craziness/
This is an important distinction which is sometimes missed by history:
http://marketmonetarist.com/2013/11/17/deflation-not-hyperinflation-brought-hitler-to-power/
Where Lars explains the EMH by jumping on a table in a crowd:
http://marketmonetarist.com/2013/11/18/the-crowd-lars-you-are-fat/

Department of "piling on", or Huzza Huszar - David Beckworth provides links for the tackle which Huszar received for his "apology": http://macromarketmusings.blogspot.com/2013/11/if-you-are-going-to-criticize-qe.html  Here's one from Bonnie Carr: http://dajeeps.wordpress.com/2013/11/12/oh-please-on-huszars-great-confession/
From Kevin Erdmann: http://idiosyncraticwhisk.blogspot.com/2013/11/evidence-is-optional-with-finance.html
Not done yet! http://andolfatto.blogspot.com/2013/11/andrew-huszar-confessions-of.html
Okay, I'll stop after this video: http://www.cnbc.com/id/101192690

David Beckworth notes that Janet Yellen should have been able to ask questions, too: http://macromarketmusings.blogspot.com/2013/11/three-questions-janet-yellen-should.html

James Pethokoukis puts Kevin Warsh in his place: http://www.aei-ideas.org/2013/11/do-fed-critics-really-think-the-us-economy-would-be-stronger-with-tighter-monetary-policy/

Some thoughts from Scott Sumner, on Yellen's testimony: Janet Yellen on monetary offset
Scott's Free Exchange post: http://www.economist.com/blogs/freeexchange/2013/11/unconventional-monetary-policy-2
Anders Aslund of FP could have used a bit more monetary logic: When you put the phrase "blind spot" in the title of your essay
Alas...Fire, fire, in Noah's flood: In the belly of the beast
Raising the minimum wage to $10 hour is questionable: Where does America rank in terms of top rate?
It's time to adopt a policy not inhibited by the zero bound: Focus on NGDP expectations not interest rates
Scott wants more clarity in discussions about Germany: I beg you all to stop talking about German Inflation
China's government wants to avoid the middle income trap - China: The glass is now 51% full
Scott highlights a good video: Rick Santelli explains the real reason for QE3
Deflation as testament that structural reforms are working? Memo to FT editors: Be as crazy as you like, but give us an explanation

Nick Rowe - Don't use the New Keynesian model to support raising government spending at the ZLB: http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/11/on-understanding-and-spinning-nk-models.html
First and second best solutions in a hybrid model: http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/11/optimal-fiscalmonetary-policy-in-hybrid-oldnew-keynesian-models.html
Barbie was right, math is hard! But think about a very simple Keynesian cross...http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/11/a-suggestion-for-simplifying-some-macro-math.html
However, this post does need a second year macro text: http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/11/neo-wicksellian-indeterminacy-in-pictures.html

David Glasner looks at some of the issues surrounding QE:
http://uneasymoney.com/2013/11/18/the-internal-contradiction-of-quantitative-easing/

As smart as Larry Summers may be, he still misses the point - Ryan Avent, "The Solution That Cannot Be Named": http://www.economist.com/blogs/freeexchange/2013/11/secular-stagnation

Also of interest:

Good post from Alex Tabarrok: The FDA and International Reciprocity

You say bubble, I say fluctuating risk premia: http://www.capitalspectator.com/archives/2013/11/david_stockman.html

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