Wednesday, February 11, 2015

Midweek Market Monetarist Links and Summaries - 2/11/15

"Long and variable lags" may well be a holdover from the late fifties. (Marcus Nunes)
The giant spotlight on the Fed might be worthwhile if there were actually something to illuminate...
The rise in employment still does not compare to the fall:
Some escape hatches are better than others:
There's politics involved in the "great" news:
Forward guidance hasn't worked out so well...
A "cleansing" recession...

A possibility of NGDP-linked bonds presents some unexpected clarity (Nick Rowe)
The policy instrument is subject to what is already laid out by the monetary target:
At some point, shareholders would not "own" the assets...
Nick remembers the "great debt blog war of 2011/12."
Negative shocks tend to get more attention:
Making food "travel back in time":

David Glasner's thoughts re a paper from Richard Lipsey:
Keynes understood the recovery from 40% deflation in the depression of 1920-21.

In order of preference, some obvious options (Scott Sumner) : The lesser of evils and the art of compromise
The present fight is over both tactics and strategy: Charles Plosser on Fed discretion
Good news for Kuroda: Market Monetarism in Japan
A "sloppy" Bloomberg article: Noah Smith gets market monetarism wrong
"...if NGDP falls by 4%, consumption might fall by 2% while saving might fall by something like 10%." Think NGDI, not NGDP
Scott has a new paper at the Adam Smith Institute:
His article for the Telegraph this week:

Scott at Econlog:
The new jobs figures and macro theory
Statist policies in China

Bill Woolsey has a chapter about NGDPLT and free banking in a new book: Renewing the Search for a Monetary Constitution
A response to Richard Wagner's Critique of Market Monetarism

Lars Christensen provides highlights from a paper Harada authored in 2010:
"Fragile by Design" is quite a good book, but too fatalistic nonetheless:

An "over the top" headline - "It isn't deflation until we say so" (Bonnie Carr)

How much influence does the U.S. have? (Ravi Varghese)

Ben Southwood notes Scott Sumner's paper for ASI, and a related paper from the Harvard Kennedy School Nominal GDP targeting constituency on the rise

While the civilian labor force has grown by 13% since 1999...(Benjamin Cole)

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