Wednesday, May 14, 2014

Midweek Market Monetarist Links and Summaries - 5/14/14

"...the causality between NGDP (money) and RGDP (and prices) is completely dependent on the monetary policy regime." (Lars Christensen)

What really happens when anyone relies on "labor market slack and low capacity utilization" to contain inflationary pressures?? (Bonnie Carr) 

The real economy does not happen independently of the nominal level (Bill Woolsey) Nominal GDP Targeting--Some "Micro" Observations

From a Twitter discussion with Amir Sufi (David Beckworth) 
Financial stability shouldn't have to depend on regulators "getting it right"

"We are left with this vacuum of policy (Britmouse)
Do changes in house prices really drive changes in aggregate demand?
"Cheap money? If only."

Is Yellen in agreement with a 2 percent ceiling? (Marcus Nunes)
Meltzer is "concentrating on the wrong measure of the money supply"
The Euro crisis wasn't about debt. It was about NGDP.
How long must they wait?
Under the "target" for 23 months straight...
"after 2007 the poor man was doubly penalized"

"I believe old monetarism is effectively dead" (Scott Sumner) Paul Krugman is dismayed that the conservatives he pays no attention to are not saying the things he'd like them to say if he did listen to what they said.

Some Econlog posts from Scott Sumner:
"Consumption" is a synonym for quantity: Never debate the impact of a price change

Bob McTeer responds to Allan Meltzer

"Since states are not going to give up their central banks, the trick becomes to determine the best policy regime for a given central bank to operate under." (Lorenzo)

RGDP is only a production index - of course it's useful to have one (Justin Irving)

Yep. (James Pethokoukis) When your inflation forecast fails for 5 straight years, perhaps it's time to change your inflation model

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