Wednesday, March 11, 2015

Midweek Market Monetarist Links and Summaries - 3/11/15

Workers have done "poorly in recent decades"...or have they? (Scott Sumner) Real wage bleg
Defining capitalism as "evil incarnate" doesn't help anything - A new argument against libertarianism
Is Evan Soltas right about the convenience factor? The criminalization of currency and the zero bound
Does tax reform stand a chance? Rubio-Lee is great, so why not make it even greater?
I can relate to Scott's outdoors post - one of life's brighter moments was a trip on the "blue highways" of the U.S. for three months, with a small tent to slip into at night. Who's afraid of the great outdoors?
"Don't raise rates until you see the whites of inflation's eyes." Will the Fed undershoot its inflation target?
"In a better world both parties would agree on an efficient tax regime," Clear thinking about taxes
This economist is no internet Austrian: Russ Roberts interviews Lawrence H. White

Scott at Econlog:
Consumption doesn't get enough consideration: The bizarre way economists calculate real income
Is the "inequality" issue a cover for something else?
Two ways of thinking about economics

Justin Irving now has efficient forecast up and running. The site is here

Obama didn't want to be bothered...(Bonnie Carr)

Marcus Nunes compares NGDP in two U.S. districts:
FOMC transcripts - read at your own (health) risk:
"...real trend growth shifted up after 2003,"
What "big data" uncovers:
Job gains! Wait, what?
Now the Fed wants support from the labor market...
And the "boost" from a falling LFPR particularly helps:
A fiscal story, in graphs:
And the NAIRU band played on...
Some clarification for Krugman:
Will NGDP come back to trend?

Interest rates are low because of the economy, not because the Fed wanted them low... (David Beckworth)
The periphery has been through this before...

Bill Woolsey responds to a WSJ article by Greg Ip: No Good Deflation?
Also, a response to a post from Miles Kimball: Miles Kimball on the Primacy of the Unit of Account

Contrary to Andolfatto, the involuntary aspects are quite real (Nick Rowe):
Nick asks for a little help with the math...

(Kevin Erdmann) "If the capital asset pricing model is valid at all, then the potential gains from NGDP targeting are enormous." The huge potential value of NGDP level targeting, a CAPM risk taking perspective
"...if we look at the funding of national production, we really do owe it to ourselves."

Even Soltas is largely on the "same page" with Paul Krugman and Greg Ip:

Lars Christensen is enthused about Hypermind:

Greg Ip at the WSJ asks, How far below zero can interest rates go?

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