Wednesday, April 1, 2015

Midweek Market Monetarist Links and Summaries - 4/1/15

"Silvio Gessell proposed a tax on currency." (Nick Rowe) Monetary policy in New Keynesian models is Gesellian
How to think about this?

Josh Hendrickson asks, What does it mean for the natural rate of interest to be negative?

The debate continues...(David Glasner)
Friedman missed the contribution of Hawtry and Cassel, hence his viewpoint did not take their international perspective into consideration. This is an excellent post:

(Benjamin Cole) Very little change in the last six years:

Today there are "reminders" (Marcus Nunes)
What might "normal" monetary policy actually look like?
The price level is okay - even if that's not the Fed target:
Are they stand-ins for Fisher and Plosser?
Accommodative is the wrong word:
Even "body language" came into play...
No inflation in sight:

When even the Financial Times gets confusing...(Scott Sumner) Money illusion on steroids
Bonnie Carr responds:
Data points for Finland suggest a lack of aggregate demand: The right variable for the right argument
Marcus Nunes responds:
Tangling with the Sunbelt myth: Amazing coincidences
Ultimately, what he said in the Fed minutes is the crux of the matter...blogging after the fact! What would blogger Bernanke have said in 2009?

Scott at Econlog:
Private property: what needs to be protected? This sick capitalism
Where does one find capital in all of this? What's new since 1982?

David Beckworth is optimistic:

When it comes to the Fed, Congress doesn't have a lot of options (Bonnie Carr)

Ravi Varghese remembers Lee Kuan Yew:

On sticky markets and collective self-flagellation...(Kevin Erdmann)

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