Wednesday, May 28, 2014

Midweek Market Monetarist Links and Summaries - 5/28/14

When monetary policy is quite lousy, the short run can seem as though "forever" (Nick Rowe):
"How would we do the economics of migration if we modeled countries as homes?

" need to be clear about the equilibrium position corresponding to the initial conditions from which you are starting." (David Glasner)

Is the economy really on "firmer footing"? (Marcus Nunes)
QE 3 has added to the confusion:"-voting-members-are-likely-to-lock-horns/
The chart shows how it's done:
It's not easy to enforce standards when they've been relaxed...
Sometimes, "moderation" loses its meaning:
"We cannot forget to talk about money supply relative to money demand."
When financial history gets confused with monetary history:
Marcus highlights a telling chart from Ryan Avent:
Looks as though price level targeting is being discussed again:
Monetary unity was imposed under the wrong conditions:

Why wouldn't 4% inflation "do the trick"? (David Beckworth)
This shirt is definitely a conversation starter:

For Britmouse, "NGDP day" trumps voting
Perhaps central  bankers are just running out of excuses

Legacy costs and costs of entry are both considerable (Bonnie Carr)

"I've never met anyone whose life outcome seemed strongly liked to the quality of their schooling..." (Scott Sumner) Education and Marriage
What to make of this Financial Times article? Define Damaging
In an Econlog post, Scott exlains that The Middle Class is Doing Fine
Also at Econlog, When monetary stimulus is (still) making up for lost output, this form of growth is capable of generating further saving.

"...ultimately the turn toward less policy accommodation never made sense in the context of the Fed's own forecasts and questions about the degree of slack in the economy. It makes me wonder how seriously the Fed is truly interested in closing the output gap." (Tim Duy)

Lars Christensen looks forward to resuming a more active blogging schedule:

Benjamin Cole: Japan's economy "grew at a 5.9% annualized rate in the first quarter."

Also of interest:

"Are big profits best viewed as generous return on capital, in the way that worries Piketty? Or as coming from innovation that ultimately benefits us all?" (Evan Davis)

Virginia Postrel

Probably more truth here than meets the eye. Heh (Douglas Adams)

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