Wednesday, February 12, 2014

Midweek Market Monetarist Links and Summaries - 2/12/14

Bill Woolsey - in response to Miles Kimball - asks, can electronic money end recessions? Kimball on Ending Recessions and Inflation
Miles' reply for Bill:

How did a defining characteristic of Keynesian theory arise from an assumption which Keynes downplayed as important? (David Glasner)
Roger Farmer highlights, and adds to posts which picked up on David's discussion:
Sometimes, bipartisanship isn't all it's cracked up to be:
Glasner responds to Krugman and Farmer:

Fortunately, not too many countries have taken this path (Lars Christensen)

Is red money backed by "garbage"? (Nick Rowe)
Would flexible NGDPLT beat strict NGDPLT?

Are emerging markets being hurt by the Fed's high long term interest rates? (Scott Sumner) About those high interest rates
"The fit seems better than ever" The musical chairs model updated
Scott responds to Nick Rowe's recent post on interest rates  An old monetarist interpretation of interest on money (money isn't credit)
A response to this recent post by Arnold Kling: If it's an identity does that mean I'm right?
Scott remembers a time when the St. Louis Fed had monetarist leanings: Daniel Thornton on QE

Some recent Econlog posts from Scott Sumner:
Don't miss this thoughtful post:

What might we think when we read articles that suggest global growth has peaked...but there's no need to worry? (Marcus Nunes)
This tongue-in-cheek post (with graphs) also inspired a post by Lorenzo from Oz:
The ECB doesn't want to simply say that it is targeting very low inflation:
As commenter James in London remarked, the "champagne bottle" of 66-81 inflation is great:
When "solid" simply isn't enough:
Two posts on the "longhorn" shaped economy here and here.
Interest rate targeting and forward guidance with thresholds, no longer works
The graphs from 1870 to 2013 will especially remain on my mind:
Asset purchases and forward guidance have not put downward pressure on long term interest rates:
Benjamin Cole considers whether Janet Yellen can make the most of remaining QE

Bonnie Carr has concerns what Yellen can do, as well:

James Pethokoukis: There are still 4 million fewer full-time jobs in America than before the Great Recession

George Selgin has an interesting identity crisis! (Or, being lonely isn't fun)

Yichuan Wang: Why Monetary Policy Should Ignore Financial Stability

Representative stories also include time and micro-level interaction (James Caton):

Also of interest:

Tim Worstall (Adam Smith Institute): Why this insistence that things that need to be collectively done must be centrally done?

Finance has created problems for emerging markets (Dani Rodrik):

Is it a stretch to suggest that governments cause homelessness?

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