Wednesday, January 15, 2014

Midweek Market Monetarist Links and Summaries - 1/15/14

David Beckworth submitted a request for the Federal Reserve to provide monthly estimates of the short-run natural interest rate:

In a reply to Simon Wren-Lewis, Bill Woolsey explains that monetary and fiscal policy are not the same thing (my reply to Wren-Lewis is here): Wren-Lewis on Fiscal Policy
How might the need for base money eventually change? Market Monetarism and New Keynesian Economics, Again
Neither one of their proposals is a good idea: Summers vs Blanchard: Choose Your Poison
Woolsey agrees with Rowe that the ZLB is largely self-imposed: Rowe on the Liquidity Trap
The lower interest rate only dampens the decrease in asset prices: Secular Stagnation and Asset Prices
Is MM irrefutable? Testing Market Monetarism

"A test has already taken place." (Marcus Nunes):
Price stability first?
Marcus highlights a recent Ambrose Evans-Pritchard article:
Some variations in the last five business cycles with charts:
How will history remember Bernanke?
If this graph doesn't convince anyone...

James Grant misses the mark in this WSJ review (David Glasner):
A Stephen Williamson "takedown" via Greg Hill:

What is actually necessary to manage liquidity? (Nick Rowe) Monetary policy, fiscal policy, the target, and the size of the central bank
Where "corporate bonds" become land (Nick responds to Bill Woolsey):

(Scott Sumner) given the fact that construction costs are much higher in the U.S...The U.S. should have crappy infrastructure
Some days it's just emotionally rewarding to offend people - Bashing Smith, Kling and anyone else that gets in my way
Further thoughts on inequality: Reply to Ryan Avent
Is NGDPLT really what's happening in this hypothetical? A reply to Arnold Kling
"what really matters is how policy affects macro forecasts, not how actual results differ from market forecasts" Mike Konczal provides two arguments against monetary offset
Still a mystery: Different types of unemployment (it's not the discouraged workers)
What purpose served? How would the Fed respond to the elimination of extended UI?
I certainly agree: Why history of thought matters
An important distinction: Fiscal and monetary policy are not alternatives

This week at Econlog (Scott Sumner)

Another "must read" for Lars Christensen:
A new paper:

This was not one of the "genteel post-1980s recessions" (Ryan Avent)

Bonnie Carr contemplates the road less traveled:

From Evan Soltas:

The only category rising? Less than high school education (Kevin Erdmann)

James Pethokoukis: For the long term unemployed, the U.S. job market is in a depression
Turn more workers into capitalists? The solution to income inequality and immobility? It's been right in front of us all along.

Also of interest:

From the book "Naked Statistics" (Charles Wheelan) now out in paperback

Don't we all! (Ryan Long)
Regrets, I Have A Few

No comments:

Post a Comment