Wednesday, June 10, 2015

Midweek Market Monetarist Links and Summaries - 6/10/15

Even if someone is opposed to NGDP level targeting, these four steps would be quite useful (Scott Sumner) The Second Step
"...sluggish growth, very low inflation, and especially near-zero interest rates." Was it sensible to expect "this" back in 2009?
Where will productivity come from? Yes, the Great Stagnation is here
4.3% could be Australia's new normal: Australia's Great Stagnation
When tight regulations lead to tight monetary policy: Are Aussie housing regulations the dumbest rules on Earth? Also, Lorenzo has a more comprehensive post on this subject: Fancy maths and data series are not reason to ignore supply and demand

Scott at Econlog
A question re inflation with an NGDP target, via Twitter: Reply to Austin Goolsbee
Subtract finance, and the model becomes comprehensible: The world's three smallest macro models

"...impotence is not inherent; it is self imposed" (David Glasner)

In an IT regime, supply shocks of all kinds can unnecessarily put people out of work (Bonnie Carr)
Something about this liquidity isn't quite right...

Inflation targeting does not take a long-run Omega point into consideration (Nick Rowe)
A one period, three good model, in response to Krugman:
Nick continues from the previous post and works with a model from Nick Edmond

Plenty of useful information in this post from George Selgin:

...but does Summers envision a level target? (Marcus Nunes)
Recovery? It's all "relative"...
His message: Don't let doubt set in
Where is the destination?
Too much talk of housing "bubbles"

Who still believes in growth? (Benjamin Cole)

Limits on supply are a fact of life in high rent cities (Kevin Erdmann)
Perhaps a temporary hiring lull:
An article from Scott Sumner and Kevin Erdmann at the National Review:

"...the petro-monetary transmission mechanism at work" (Lars Christensen)
The monetary-real causality is not stable:
U.S. stock prices as a reality check:

Also of interest:

The rural poor in the Irish potato famine lacked access to capital cannot help but consider the skills/time based parallels of the present (A guest post from Tyler Beck Goodspeed)

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