And quite a week it has been, with lots of discussion in the blogosphere. A debate between Scott Sumner and David Andolfatto started things off, and Marcus Nunes follows the primary points while providing pertinent links for readers as well. Thanks, Marcus!
http://thefaintofheart.wordpress.com/2013/09/04/trend-hustle/
http://thefaintofheart.wordpress.com/2013/09/05/more-trend-hustle/
http://thefaintofheart.wordpress.com/2013/09/05/the-magic-wand-in-action/
http://thefaintofheart.wordpress.com/2013/09/05/three-dogs-two-didnt-bark/
Bill Woolsey also posted a response to the Andolfatto debate:
Andolfatto on Nominal GDP Targeting
And earlier in the week, he posted some further thoughts on the Pigou effect:
Even as the prior discussion was just "heating up" another started, with a post from Steve Randy Waldman re the inflation of the seventies. He wanted to know - was it really monetary? Oh my...
http://www.interfluidity.com/v2/4561.html
Scott Sumner replies,
Yes, expansionary monetary policy really did cause the 1970s inflation
Steve's response to Scott (agreeing in different languages):
http://www.interfluidity.com/v2/4583.html
Second response from Scott:
Why causality matters
Whereby Waldman updates international graphs with a bit of help from Mark Sadoswki:
http://www.interfluidity.com/v2/4624.html
Here's his latest update:
http://www.interfluidity.com/v2/4706.html
Waldman provides plenty of summary in the update and more links than many people have the time in a day to chase down. Therefore I'll link to some that readers here may find most helpful. First this response from Even Soltas, which is also covered in the followup post:
http://esoltas.blogspot.com/2013/09/were-crowded-discos-inflationary.html
There are two responses from Karl Smith, who also links to and discusses the Robert Hetzel paper on Arthur Burns and Inflation in his first post. (he continued in a follow up)
The first response from Marcus Nunes was a repost - The Origins of the Great Inflation:
http://thefaintofheart.wordpress.com/2012/08/25/the-origins-of-the-great-inflation/ Second response here: eureka-the-great-inflation-was-the-result-of-demographic-trends/
Okay - now where was I? Oh yes, there were other noteworthy posts as well. Lars Christensen provides an AS-AD analysis as to why there is no fiscal cliff in Japan:
http://marketmonetarist.com/2013/09/05/there-is-no-fiscal-cliff-in-japan-a-simple-as-ad-analysis/
About rising bond yields, Lars says:
http://marketmonetarist.com/2013/09/10/it-is-time-to-let-bygones-be-bygones/
Lars has a piece in City AM: http://marketmonetarist.com/2013/09/11/it-is-time-to-stop-worrying-about-austerity-also-in-the-uk/
And from Nick Rowe, here's where he responded to David Andolfatto earlier in the week:
http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/for-david-andolfatto-why-i-switched-from-it-to-ngdplt.html
Is NGDPLT a perfect "guard dog?"
http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/is-ngdplt-a-perfect-guard-dog-a-challenge.html
Also, Old and New Keynesians and Self-equilibration
And: http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/new-keynesians-just-assume-full-employment-without-even-realising-it.html
From Marcus Nunes, a reminder to Robert Higgs not to reason from a GDP component change:
http://thefaintofheart.wordpress.com/2013/09/06/regime-uncertainty-or-monetary-policy-misjudgments/
Highlights from a Bloomberg article:http://thefaintofheart.wordpress.com/2013/09/09/recent-developments-in-monetary-thought/
Several responses to a misleading quote from Robert Hall about nominal targeting, which also had John Taylor's "approval" (Scott Sumner, Marcus Nunes, Bill Woolsey):
Comments on Taylor and Cochrane
http://thefaintofheart.wordpress.com/2013/09/09/john-taylor-bob-hall-get-it-backward/
Taylor and Hall on Nominal GDP Targeting
Scott Sumner asks, What would Milton Friedman have thought about Market Monetarism?
Britmouse puts together a follow up post from the previous month:
http://uneconomical.wordpress.com/2013/09/10/real-hourly-wages-in-europe/
David Glasner presents an overview of Hawtrey's "Good and Bad Trade":
http://uneasymoney.com/2013/09/10/uneasy-money-marks-the-centenary-of-hawtreys-good-and-bad-trade/
Also, a good quote which Jonathan Finegold highlights from an essay by Leland Yeager in "The Fluttering Veil": http://www.economicthought.net/blog/?p=5023
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