Wednesday, April 30, 2014

Midweek Market Monetarist Links and Summaries - 4/30/14

Mark Sadowski ran some Granger causality tests to help out (heh)...(David Beckworth)
A New Monetary Policy Target: Per Capita Alcohol Consumption
Good example for maintaining (coordinating) velocity in the nick of time:
Neo-Fisherism? Three strikes and...

"this debate is not about the Fisher relation. It's about what happens outside of the steady state." (Evan Soltas)

"Retirement is weird, when you think about it." (Nick Rowe) Secular Stagnation and the End of Retirement
How does mobility matter in all of this? A question worth thinking about:

How did the ECB target become the forecast? (Marcus Nunes)
Presently we have stable growth, but not the earlier level path: 
Quite close to trend. How much luck was involved?
"Trust us." Populist parties. Hmmm...
Traders appear to be less optimistic as time goes by:
What will Jeremy Stein's legacy be?

"The central bank can either adopt the rate of money growth consistent with the interest rate peg or they cannot maintain the interest rate peg". (Josh Hendrickson)

Good responses from David Glasner - it would have been frustrating to read Sargent's list, otherwise.

Lars Christensen notes how close Israel has remained, to the original trend level:
Inflation targeting makes it more difficult for central banks to maintain floating exchange rates:

Scott Sumner's Econlog post, There's only one sensible way to measure economic inequality includes a follow up post at The Money Illusion, Capital income is taxed more heavily than wage income
Some tax theory cognitive illusions: Pandering to the public's ignorance
What happens when monetarist ideas are translated into Keynesian language? Noah Smith on the Neo-Fisherites
Some clarification is in order: If the Fed had a meeting, how would that affect inflation?
Among other always helps to remember that the system is rigged! The case for 80% tax rates on the rich

Also, more Scott at Econlog:
"The forces of both supply and demand explain real wages." Is it okay to reason from a (aggregate) wage change?

The UK had a productivity shock, starting in late 2007...(Britmouse)

"There is a big, giant wet blanket of a non-bubble." (Kevin Erdmann)
The bad guy narrative is quite prevalent in financial contexts:
"I am considering being more bearish than Bill McBride on one factor, and that is the projected quantity of new home sales" (I agree)

Also of interest:

The same mistake gets made over and over again (Deirdre McCloskey) Cafe Hayek, Quotations of the Day

" Piketty writing down a complete markets model or one in which there are incomplete markets for skill formation?" (Matthew Kahn)

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