Midweek Market Monetarist Links and Summaries - 10/2/13

Bennett McCallum, an early proponent of NGDP targeting, prefers a growth rate to a level rate. Here is a pdf link for his presentation to the shadow open market committee: http://shadowfed.org/wp-content/uploads/2013/09/McCallum-SOMC-Sep2013.pdf
Marcus Nunes includes a quote from the presentation in this post: http://thefaintofheart.wordpress.com/2013/09/25/a-formal-discussion-of-ngdp-t:argeting-has-reached-the-shadow-open-market-committee-lets-hope-it-progresses-to-the-real-mccoy/
Bill Woolsey has a well thought out response to McCallum's paper:
http://monetaryfreedom-billwoolsey.blogspot.com/2013/09/mccallum-on-growth-vs-level-targeting.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MonetaryFreedom+%28Monetary+Freedom%29
Scott Sumner links to Bill's post and notes that when central bankers are incompetent, growth rate targeting can really miss the mark:
Bill Woolsey on Bennett McCallum

Ryan Avent had two good articles earlier in the week, and Marcus Nunes links to both:
http://thefaintofheart.wordpress.com/2013/09/26/guided-by-ghosts/
http://thefaintofheart.wordpress.com/2013/09/26/more-sensible-talk-from-ryan-avent/

David Beckworth, on how little good the present inflation target actually provides:
http://macromarketmusings.blogspot.com/2013/09/at-least-fed-has-inflation-target-right.html
David, along with other Market Monetarists noted that Justin Wolfers wanted to know what happened to the PCE deflator this past quarter: http://www.bloomberg.com/news/2013-09-26/where-is-the-panic-over-deflation-.html

Evan Soltas has been working on a project for monetary policy:
http://esoltas.blogspot.com/2013/09/a-new-strategy-for-fed.html
Scott Sumner links to Evan's post and adds some thoughts:
http://www.themoneyillusion.com/?p=23825&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Themoneyillusion+%28TheMoneyIllusion%29

Scott Sumner asks, what if I were on the FOMC?
http://www.themoneyillusion.com/?p=23797&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Themoneyillusion+%28TheMoneyIllusion%29
Scott also questions recent developments regarding unemployment:
Why no layoffs and Is unemployment overdetermined
Some responses, one from Kevin Erdmann (HT Ryan Long)
http://idiosyncraticwhisk.blogspot.com/2013/09/unemployment-insurance-claims-and.html
Marcus Nunes:
http://thefaintofheart.wordpress.com/2013/09/26/record-low-layoffs-little-hiring/
and also Bonnie Carr: http://dajeeps.wordpress.com/2013/09/30/doubting-thomas-is-unemployment-the-concession-that-creates-the-new-new-synthesis/

Nick Rowe provides more "food for thought" on the banking school: http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/if-banks-bought-houses.html
The indeterminacy that concerns Nick is output:
http://worthwhile.typepad.com/worthwhile_canadian_initi/2013/09/two-neo-wicksellian-indeterminacies.html
Scott Sumner responds to Nick's "if banks bought houses" post: http://www.themoneyillusion.com/?p=23908

Bill Woolsey agrees with Robert Hall's solution for IOR:
http://monetaryfreedom-billwoolsey.blogspot.com/2013/10/hall-on-interest-on-reserves.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MonetaryFreedom+%28Monetary+Freedom%29

Lars Christensen tackles two "unknowables". Will the U.S. government shutdown be problematic? Is Denmark really freer than the U.S.?
http://marketmonetarist.com/2013/09/30/ignore-the-shutdown/
http://marketmonetarist.com/2013/09/30/cato-institute-says-denmark-is-more-economically-free-than-the-us/
Also, in recent years, some economists are trying to bring money into DSGE models:
http://marketmonetarist.com/2013/10/02/money-and-dsge-models-a-few-good-papers/

Britmouse on Lars Svensson - the Riksbank's loss is the blogosphere's gain:
http://uneconomical.wordpress.com/2013/09/30/svensson-on-fisher-and-debt-deflation/

David Glasner:
http://uneasymoney.com/2013/10/01/hawtreys-good-and-bad-trade-part-iii-banking-and-interest-rates/

Peter Ireland of E21 has a post on William Barnett's divisia approach to monetary policy:
http://www.economics21.org/commentary/right-measure-money-supply

Also, from Matthew O'Brien of the Atlantic, earlier in the week:
Lenin's Plot to Destroy Capitalism