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? http://worthwhile.typepad.com/worthwhile_canadian_initi/2015/03/overdrafts-with-100-reserve-banking.html

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

The debate continues...(David Glasner) http://uneasymoney.com/2015/03/25/why-theories-of-national-income-based-on-accounting-identities-are-nonsensical-and-error-ridden-part-iv/
Friedman missed the contribution of Hawtry and Cassel, hence his viewpoint did not take their international perspective into consideration. This is an excellent post: http://uneasymoney.com/2015/03/31/milton-friedman-monetarism-and-the-great-and-little-depressions/

(Benjamin Cole) Very little change in the last six years: https://thefaintofheart.wordpress.com/2015/03/26/looking-at-u-s-unit-labor-costs/

Today there are "reminders" (Marcus Nunes) https://thefaintofheart.wordpress.com/2015/03/26/remembering-1937/
What might "normal" monetary policy actually look like? https://thefaintofheart.wordpress.com/2015/03/26/keep-on-dreaming/
The price level is okay - even if that's not the Fed target: https://thefaintofheart.wordpress.com/2015/03/27/the-stan-fischer-effect/
Are they stand-ins for Fisher and Plosser? https://thefaintofheart.wordpress.com/2015/03/28/yellen-faces-the-iron-ladies-in-the-fomc/
Accommodative is the wrong word: https://thefaintofheart.wordpress.com/2015/03/29/whats-constraining-monetary-policy/
Even "body language" came into play...https://thefaintofheart.wordpress.com/2015/03/30/when-mumbling-with-great-incoherence-beats-clarity/
No inflation in sight: https://thefaintofheart.wordpress.com/2015/03/30/what-would-we-be-hearing-from-the-fed-if-instead-of-0-3-headline-1-4-core-we-had-2-9-headline-1-7-core/

When even the Financial Times gets confusing...(Scott Sumner) Money illusion on steroids
Bonnie Carr responds: https://dajeeps.wordpress.com/2015/03/27/since-2008-people-can-just-say-anything/
Data points for Finland suggest a lack of aggregate demand: The right variable for the right argument
Marcus Nunes responds: https://thefaintofheart.wordpress.com/2015/03/28/hiding-behind-secular-stagnation/
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: http://macromarketmusings.blogspot.com/2015/03/are-wages-primed-to-take-off.html

When it comes to the Fed, Congress doesn't have a lot of options (Bonnie Carr) https://dajeeps.wordpress.com/2015/03/28/of-mandates-logistical-problems-and-public-menaces/

Ravi Varghese remembers Lee Kuan Yew: http://insecurityanalyst.blogspot.com/2015/03/lee-kuan-yews-legacy.html

On sticky markets and collective self-flagellation...(Kevin Erdmann) http://idiosyncraticwhisk.blogspot.com/2015/03/replies-to-comments-pt-1.html