Wednesday, December 31, 2014

Midweek Market Monetarist Links and Summaries - 12/31/14

Real G and real GDP growth? No positive correlation here (Marcus Nunes)
Tighten because...fewer people are buying gas?
Confidence is "good", up to a point:
Pretending the cause isn't monetary when it's convenient to do so:

Only about 1% RDGP growth per year, the last three years (Scott Sumner): What went wrong in Brazil?
Scott responds to Noah regarding tax disincentive effects: Noah Smith on taxes and labor supply

Scott at Econlog:
Unemployment in France is still over 10% The French experiment: Laffer is greater than Piketty
Data can be difficult enough to discern, without the political overtones: So how's the economy doing this year?
Betting on market forecasts could be better than betting on beliefs: I don't believe you (you're a liar)

Is it too much to ask...for a central bank to announce its target? (Nick Rowe)
Potential output, or just temporary growth?

David Beckworth responds to Krugman and others, re confusion over a permanent monetary base injection
"In short, inflation is below 2% in the United States because the Fed is happy with it being there."

Why are base money changes only temporary? Because of the inflation targeting monetary regime (Bill Woolsey) Monetary Policy Effectiveness
Done right, changes in base money would only be relevant to the degree necessary to keep NGDP on track: Fed's Dirty Little Secret II
Bill explores the options of a cashless society. Argh, I prefer the addition of alternative equilibrium, rather than a completely upside down equilibrium: Cancelling Currency According to Cochrane

David Glasner has his doubts:

The Bundesbank remains strongly opposed to QE (Lars Christensen)

Why doesn't it bother the media that the 2% inflation target isn't being met? (Bonnie Carr)

"Perfectly wrong" is an apt description (Benjamin Cole)

Two-fifths of the LFPR drop cannot be explained by aging (Evan Soltas)

Also of interest:

Eventually, the world will want that higher priced oil...

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