Wednesday, February 26, 2014

Midweek Market Monetarist Links and Summaries - 2/26/14

Marcus Nunes considers the jobless recovery aspect of Ryan Avent's recent post on labor issues:
Sometimes, inheritance just isn't all that great:
Greenspan reacted a bit more rationally, to an oil shock which occurred on his watch:
Not even a shadow rate is capable of accounting for substantial drops in spending capacity:
Mishkin's last FOMC meeting:
A helpful history, or a "winning" history?
Some charts just aren't all that helpful.

Spoiler alert: Nick Rowe sketches out the answer to this New Keynesian puzzle at 6:20 a.m. on Feb 20th:
For those who believe that an increase in the minimum wage will increase employment:
If the outcome were certain, switching targets wouldn't matter:

In an Alphaville post, Karl notes the lag in nominal GDP which was never made up, after 2008 (Scott Sumner) Karl Smith on the importance of NGDP
Even though forward guidance was adopted, it was extremely weak: From the comment section
Why the lack of curiosity as to falling oil prices and falling long term interest rates? NGDP fell off a cliff in the June to December period: Transcripts post #1: Reasoning from price changes
Mickey Levy almost "gets it", then ends up confused: The beatings will continue until morale improves
Spending matters, lending doesn't: Channels to nowhere

Scott Sumner's Econlog posts this week:

The UK did not see productivity rise in the recession (Britmouse)
Why are unelected technocrats getting away with this?
The UK needs more reliable measurement for hourly wages

The ECB says that Europe isn't the Japan of the 90s. No, it's worse (Lars Christensen)
We are all Ukranian:

There's a lot to digest in this informative post (David Glasner) 

The real tragedy of central banking - ten million still out of work. (Ryan Avent)

"It was the worst Fed decision since the Great Depression" (James Pethokoukis)
The Fed really feared inflation in September 2008 as a deflationary depression loomed.

George Selgin discusses good and bad deflation, or as the TV show "Boom and Bust" describes, price and debt deflation. He comes in around the halfway mark.

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