"Whether some bit of news is good news or bad news depends on what you already know, and on how you expect policymakers to respond to that news." (Nick Rowe) http://worthwhile.typepad.com/worthwhile_canadian_initi/2015/01/is-low-inflation-good-news.html
And yet it doesn't seem that long since Galbraith was (more) widely read... http://worthwhile.typepad.com/worthwhile_canadian_initi/2015/01/there-are-no-friedmans-today-except-maybe-friedman-himself.html
Nick examines two consumption smoothing models: http://worthwhile.typepad.com/worthwhile_canadian_initi/2015/01/negative-money-in-an-olg-model.html
Once everyone realized monetary policy could bring inflation down, price controls were forgotten: http://worthwhile.typepad.com/worthwhile_canadian_initi/2015/01/the-new-keynesian-case-for-price-controls.html
Another one bites the dust!
(David Glasner) http://uneasymoney.com/2015/01/14/bitcoins-are-tanking-today/
(Lars Christensen) http://marketmonetarist.com/2015/01/17/guess-what-currency-underperformed-the-rouble-in-2014/
The Swiss - plenty of questions remain:
(Scott Sumner) The SNB on the SNB's recent move
If it walks like a duck and quacks like a duck and If you do it they will believe
(Britmouse) https://uneconomical.wordpress.com/2015/01/15/a-central-bank-does-nothing-swiss-edition/
(Justin Irving) http://economicsophisms.com/2015/01/15/what-are-the-swiss-thinking/
(Bonnie Carr) https://dajeeps.wordpress.com/2015/01/15/what-to-make-of-the-snb-decision-to-end-its-1-20-euro-peg/
(Marcus Nunes) https://thefaintofheart.wordpress.com/2015/01/15/the-swiss-go-bezerk/
https://thefaintofheart.wordpress.com/2015/01/16/report-on-the-fallout-of-the-snbs-h-bomb/
(David Glasner) The SNB just thought the euro peg was "uncomfortable"! http://uneasymoney.com/2015/01/19/credibility-and-the-central-bank-balance-sheet/
(Lars Christensen) Needed: a "perfect" ordering of targets and instruments http://marketmonetarist.com/2015/01/20/what-the-snb-should-have-done/
A thoughtful review of Adam Tooze's new book, by David Frum, prompts David Glasner to revise his thoughts from an earlier post about the 1920-21 depression. http://uneasymoney.com/2015/01/16/thoughts-and-details-on-the-dearly-beloved-bright-and-shining-depression-of-1920-21-of-blessed-memory/
If only things were still "boring" (Britmouse) https://uneconomical.wordpress.com/2015/01/15/ons-mocks-britains-vain-search-for-as-ad/
Britmouse updates some faulty data: https://uneconomical.wordpress.com/2015/01/16/correction-inflation-partly-a-petroleum-phenomenon/
Why isn't this explanation already common knowledge? https://uneconomical.wordpress.com/2015/01/20/hawtrey-on-the-wide-fluctuations-in-the-money-value-of-output/
(Marcus Nunes) Galbraith neglected to consider the growth level of the last century: https://thefaintofheart.wordpress.com/2015/01/14/the-end-of-normal/
Message for Robert Reich - I miss the "good times" nineties, too. Still... https://thefaintofheart.wordpress.com/2015/01/14/eschew-economic-analysis-and-go-straight-for-the-conspiracy-theory/
Even though Gustav Cassel sounded the warning, few took heed: https://thefaintofheart.wordpress.com/2015/01/15/the-danger-in-ignoring-money-and-monetary-policy/
Did David Smith miss the part about falling demand? https://thefaintofheart.wordpress.com/2015/01/18/yes-the-tire-is-flat/
Marcus highlights "The Meaning of Internal Balance" https://thefaintofheart.wordpress.com/2015/01/19/ngdp-level-targeting-james-meade-understood-it-almost-40-years-ago/
Re their exchange rate peg, the pictures tell the story: https://thefaintofheart.wordpress.com/2015/01/20/meanwhile-in-denmark/
Three turning points (Scott Sumner) It's only logical: NGDPT is the next big thing
Scott gains inspiration from a Bennett McCallum publication: Playing with toy models
"If the SNB was having trouble meeting its conflicting mandates, then it should have gone to the government long ago to discuss options" Think in terms of policy regimes, not gestures
Scott at Econlog:
Other commodity declines suggest lower demand: Reasoning from multiple price changes
Scott also considers what MM has already achieved: What's wrong with macro?
A counter-intuitive reality Monetary Policy: The more ambitious your goals the less you have to work
Central banking in a negative seignorage world
A great choice for a chair name...complete with pertinent quotes Ralph Hawtrey
For the investor, macro concerns are also important (Ravi Varghese) http://insecurityanalyst.blogspot.com/2015/01/commodity-isnt-dirty-word.html
From Brookings: http://www.brookings.edu/research/opinions/2015/01/15-central-banks-target-growth-not-inflation?rssid=LatestFromBrookings (Warwick McKibben)
Update: a "must read" post from Lorenzo, which I almost missed this week:
http://lorenzo-thinkingoutaloud.blogspot.com.au/2015/01/good-appeasement-and-bad-appeasement.html
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