Wednesday, June 11, 2014

Midweek Market Monetarist Links and Summaries - 6/11/14

Students need to know about more, than just the here and now. (Nick Rowe)
Even if one doesn't read Piketty, just hearing about him might cause some unsettling dreams!

How much will the ECB be willing to do? (Lars Christensen)
Poland - 25 years of freedom and economic success!
This second ECB graph is a lot more scary...
A "broken" monetary transmission mechanism? It's not about bad debts:
As Bill Woolsey noted, the first rule of monetary policy is not to confuse money and credit:
First in a series of posts about Bob Hetzel:

Mike's backing theory versus Scott Sumner's quantity theory: Reply to Mike Sproul
I like that "eliminating paper money" was waaay down the list: So much for the zero bound
There are good aspects about this as well...The job market is improving faster for the least skilled
This correlation is never quite as simple as it may seem: Government spending and public services
These kinds of admissions are a bit rare: Kudos to Christine Lagarde
Scott looks at Piketty's second chapter in The First Fundamental Law of Capitalism (Econlog)
More Piketty thoughts - those big pots of money are not as endless as they may seem:

Demand side recovery? Check. Supply side...(Britmouse)

Why would central bankers insist they cannot fight deflation? (Benjamin Cole)
There was a time when Friedman blamed contractionary monetary policy, and conservative right wingers took heed:

When Simon Wren-Lewis calls contractionary fiscal policy the "major factor", argh...(Mark Sadowski)

In 2003, Steven Cecchetti was worried about inflation (Marcus Nunes)
It took a long time for employment to get back to "normal"...

Will the ECB do everything...except what needs to be done? (David Beckworth)

James Pethokoukis didn't let the "all time peak" go unnoticed:
May jobs report - America's leftovers: 7 million missing workers
It took Obama recovery 5 years to regain lost jobs. Reagan recovery: 11 months. What's going on?

A new blogger from the U.K. is Giles Wilkes. He's been busy this week:
Giles looks at David Laidler's concern (Econtalk, last year) about the lack of timely data for the NGDP target:
"I think macro debates need lots of little stories."

In response to both Giles Wilkes and Mark Sadowski (Simon-Wren Lewis)
Monetarist versus Fiscalist

David Glasner looks at last weeks' discussion between Scott Sumner and Mike Sproul:

Update: Scott Sumner will give a lecture for the Adam Smith Institute in London on the 17th, and Lars Christensen has the pertinent information on his blog:

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