Wednesday, April 16, 2014

Midweek Market Monetarist Links and Summaries - 4/16/14

Too many students in the last 30 years have been encouraged to "ignore money" (Marcus Nunes)
A formal inflation target has not succeeded in coordinating expectations:
One recession is not like the other...
"The United States economy had an unemployment rate of 4.5 percent..." (Benjamin Cole)
Like Mark Sadowski, I prefer a more holistic and gentler approach: Re-breaking bones is the opposite of what should be done
Time to break out the bubbly, already?
The trend charts are most helpful: 
If the job is really done...maybe Gavin Davies can retire!
Until mid 2010 they were following in Australia's footprints:

Even the press is starting to highlight this (Scott Sumner): 20% of Americans are in the top 2%
What might a third option have been? Paul Krugman on monetary policy options
Labor income as a share of NGDP did better in Germany, than in the U.S. - The British Jobs Recovery
Marcus Nunes responds to Scott - Germany remained close to the nominal trend line:
Abenomics is a reminder that growth is still possible even in a declining population: Doing more with less

Some Econlog posts from Scott:
The focus should be on "jobs, jobs, jobs", not compensation for labor:
"The highest-paid 2 percent of doctors received almost one-fourth of Medicare payments: Inequality Among Doctors

"More generally, the problem is interest rate smoothing." (Bill Woolsey) - Interest Rate Targeting and Financial Instability

Why are the long term unemployed being stigmatized? (Bonnie Carr)

There's a world of opportunity under all that bias...(Ravi Varghese)

Why have wealth effects become smaller? (James Pethokoukis)
The Fed, NGDP targeting, and the incredible shrinking wealth effect
Questions for Scott Sumner and John Makin: How to think about inflation and deflation

"What is it with you townies?" (Nick Rowe)

Even Soltas notes that interest payments are set to grow faster in the next decade, than either mandatory or discretionary spending: 

Also of (Piketty) interest:

A post by Karl Smith back in February, which some of my readers may find a useful point of reference now: Piketty and the case for land capital  I only got through this FT paywall once, and I really miss reading Karl Smith, since he went to Alphaville.

Diane Coyle also provides a link to the lecture notes which Karl Smith used:

Speaking of reference points, Brad Delong breaks down the four r's.

Piketty isn't measuring physical volumes, which presents a problem...(James K. Galbraith)

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