Wednesday, May 21, 2014

Midweek Market Monetarist Links and Summaries - 5/21/14

"By definition, nominal spending is equal to nominal income (the total amount of money made) and to the size of the economy." (David Beckworth and Ranesh Ponnuru)

A commenter to the above National Review article, didn't think the central bank could control the nominal value of output. Bonnie Carr "sets him straight" in this post.
Marcus Nunes also provides highlights and thoughts on the National Review article.

The alternative to monetary stimulus is not pretty...(Scott Sumner)
Krugman's paper does have some good points, but targeting NGDP would be even better:
Krugman on the need for a higher inflation target
"Our 'uniquely privatized system'? A system where nearly half of healthcare expenditures are made by the government? And much of the other half is made by insurance companies that are private in name only? Recall that nearly 40% of the cost of 'private' health insurance is covered by government subsidies. And that government regulators determine what procedures must be covered. And the government controls entry into the healthcare industry." Krugman on Levitt on healthcare
If so, what would it even mean? Is economics getting more liberal

Some Econlog posts from Scott Sumner:

How did Australia "pull away" from the pack? (Marcus Nunes)
Sometimes it's not so much what you say, but where you've been:
Is the Fed really "close to its goals"? Yikes
He didn't call the tune, but he played it well.
Looks like the summer could "heat up" in more ways than one...
Some monetary "experiments", in graphs: 

Lars Christensen responds to Scott Sumner's recent housing post:
Not the first time Lars has stressed the importance of domestic demand:

Londonism debunked! (Britmouse)

Also of interest:

Jonathan Finegold offers a thoughtful post regarding Sound Money

This must have been quite interesting for the audience!

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