Wednesday, March 19, 2014

Midweek Market Monetarist Links and Summaries - 3/19/14

What would be the right counterfactual for the economy, in the absence of this policy? (David Beckworth)
When 2% becomes an effective ceiling instead of a target range:

"In real terms the Dow went nowhere in 68 years" (for example) - Scott Sumner
100 years of excess returns: No, they are not (statistically) significant
Lack of a clear target rule is getting in the way of coherent discussions:
It's the policy regime that needs fixing
A recent BOE monetary policy report is fine - so long as one likes the interest rate approach:
Banking theory disguised as monetary theory?
Scott discusses how his view of macro has been shaped by Lucas and Fama

Some Econlog posts from Scott:

Nick Rowe has lots of fun with the BOE's (above mentioned) "lovely clear article"
"The supply of money determines the quantity demanded, and not vice versa"

Lars Christensen responds to Sumner's policy regime post:
Russia will likely go into recession:

Running out of ideas? Inflation adds drama (in charts) - Marcus Nunes
Supply siders have more excuses than solutions (Benjamin Cole)
Nominal stability is a Fed provision - not a government provision (Marcus)
Still close to trend:
Monetary policy settings are not loose. Rather, rudderless:
How might monetary policy affect labor across borders?

"Keynes argued himself into a corner, and in his review of the General Theory, Hawtrey caught him there and pummeled him" (David Glasner):

Kevin Erdmann provides a review:

What does "Everybody Know" about the global and financial markets? (Ravi Varghese)

Also of interest::

Jonathan Finegold offers a helpful summary of Paul Krugman's trade theory in this post:

Growing concerns as to copper as a signal of deflation:

If anyone missed these, Arnold Kling highlights some noteworthy labor market posts for contrast:

Now here's an idea that would make Main Street USA a lot more lively:
Unit 3 Micro: Pop Up Shops on the Underground

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