Wednesday, May 27, 2015

Midweek Market Monetarist Links and Summaries - 5/27/15

When central bankers choose not to decide, they still have made a choice. Governments and markets need to be on the same page. (Nick Rowe)
Nick responds to a recent post from David Andolfatto

When QE "blows bubbles" (Scott Sumner) What happened to the QE skeptics?
It is difficult for central bankers to blame themselves Seeing Lu Mountain
What is an accurate "takeaway" for industrial production gains? America's industrial juggernaut

Scott at Econlog
The concept is linked to each country's monetary unit There's no such thing as global aggregate demand
An "inherently unstable economy" is a poor excuse: Questions that don't get asked very often
Central banks are unique because of what they sell, not because of what they buy. Apple's open market purchases

NGDP linked bonds could reduce the pain of structural reform (Lars Christensen)

...and the author started out so well! (Marcus Nunes)
The Divisia broad money series provides clues which otherwise might not be obvious:
Stronger growth, any day now? Perhaps not:
Yellen's recent speech was not encouraging:
Japan's long running example is seemingly forgotten:
Initially, the conditions for Greece were worse:

What can be learned from the stance he has taken? (Josh Hendrickson)

Bill Woolsey defends the GDP deflator: Asset price inflation

Optimal...with falling industrial production? (Benjamin Cole)
Why is he so certain the economy will "overheat"?
Yellen is ready to tighten...

No, central bankers are not handing out "favors" (Bonnie Carr)
Yes, the interest rate hike is a big deal!

Never reason from a price change - A good example from Caroline Baum:

David Glasner highlights recent efforts on the part of Luigi Zingales:

Free access to Internet utilities...another form of household production? (Evan Soltas)

In response to Zingales, Taylor and Glasner (Kevin Erdmann)

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