Wednesday, April 22, 2015

Midweek Market Monetarist Links and Summaries - 4/22/15

"This week, we learned that Bernanke does not view NGDP level targeting, price level targeting, or a higher inflation target as the best way to deal with the zero lower bound (ZLB) problem." (David Beckworth)
2003-2005, revisited:

Is price stickiness an "ad hoc and superficial" concept? (David Glasner) Plenty of interpretation in the comments as well:
"...he wants the instrument target to preempt the policy target."

George Selgin highlights an article which he co-wrote with a former student, David Beckworth:

Scott Sumner: "Patrick, I wonder if a former Fed chair is completely free to speak his mind."
Patrick Sullivan: "Well, he started a blog."

In 2008, many economists changed their beliefs (Scott Sumner) Is modern macro to blame?
Scott takes the "glass half full" perspective...Bernanke on monetary reform
The Fed believes in lower potential GDP and "lower potential inflation"? Ouch...Lost in translation
More reasoning from an interest rate change: High interest rates are not "ammunition"

Scott at Econlog:
Considering some of the particulars: Is the Fed allowed to create GDP prediction markets?
Clarification between mandates and targets: Congress sets the goals, the Fed sets the intermediate target
The recent paper from Selgin and Beckworth prompts Scott to ask, Did the Fed cause the sub-prime boom?
A coffee versus tea example: Substitute goods and reasoning from a price change
Also, Russ Roberts interviews Scott on interest rates

Has Blanchard forgotten that Greece remains in depression? (Marcus Nunes)
2% IT as the "magical" figure
Marcus responds to Wolfgang Schauble's NYT article:
NGDP tells the story, in charts:

"The official data is increasingly inaccurate..." (Benjamin Cole)
Maybe that letter wasn't so "funny" after all:

There are subtle differences between liberals and progressives (Kevin Erdmann)
Kevin takes a look at the similarities between 1990 and 2007

"Is Woodford's 'cashless' economy a model of a monetary exchange economy, or a model of a barter economy?" (Nick Rowe)

Lars Christensen muses on the political business cycle:

Ramesh Ponnuru notes Blogger Bernanke's abundance of caution:

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