Wednesday, January 22, 2014

Midweek Market Monetarist Links and Summaries - 1/22/14

When it comes to blogging, Scott Sumner can't seem to stay away very long - he's been the busiest by far this week.
Last summer it wasn't easy to gauge signs of growth: The dust is beginning to settle
Sometimes, these two get confused - China: the problem is easy credit, not easy money
The unemployment rate should not have been put into the Evans rule - The Fed struggles to find the right guidepost
Some clarification re monetary offset: Reply to Matt Yglesias
And, Central Banks do monetary offset even while denying doing so
Individual members of the Eurozone no longer have room to devalue: Is the ECB making "rookie mistakes?"
How to think about recent gains? I consider myself a moderate supply-sider however...
IndoAsia is probably a nonissue for US inequality going forward - Goodbye BRICs hello IndoAsia
Re-employ the 3 to 5 million excess unemployed, then start working on supply-side problems that reduce U.S. employment:  I welcome "abrupt policy adjustments"
Some clarification re Krugman vs Barro
In 2008, it was as though New Keynesians became old Keynesians, while monetarists became Austrians: Further thoughts on Robert Barro

Econlog posts from Scott Sumner:
http://econlog.econlib.org/archives/2014/01/eighty_years_la.html
http://econlog.econlib.org/archives/2014/01/imagine_theres.html

The "feel good" post of the week, with graphs (Marcus Nunes)
http://thefaintofheart.wordpress.com/2014/01/16/abenomics-one-year-on/
When FDR delinked from gold, things improved in a hurry...
http://thefaintofheart.wordpress.com/2014/01/19/the-usual-idiots-suspects/
Marcus offers highlights of a paper from John Williams of the San Francisco Fed
http://thefaintofheart.wordpress.com/2014/01/20/sliding-towards-an-alternative-target/

Bubble...or no bubble? Some links (Lars Christensen)
http://marketmonetarist.com/2014/01/18/the-there-was-no-bubble-reading-list/
Lars takes an international monetary perspective:
http://marketmonetarist.com/2014/01/19/the-casselian-mundelian-view-an-overvalued-dollar-caused-the-great-recession/
Perhaps this letter to the Financial Times will help...
http://marketmonetarist.com/2014/01/20/sam-bowman-calls-for-nominal-spending-targeting-in-the-euro-zone/

The UK inflation rate drops in December (Britmouse)
http://uneconomical.wordpress.com/2014/01/16/two-point-oh/

Negative for the last five years? Not an easy question to answer (David Beckworth)
http://macromarketmusings.blogspot.com/2014/01/has-natural-interest-rate-has-been.html
David explains how the efforts of Miles Kimball and Scott Sumner have made a difference:
http://macromarketmusings.blogspot.com/2014/01/miles-and-scotts-excellent-adventure.html
and, http://macromarketmusings.blogspot.com/2014/01/my-interview-on-rt.html

How might the theory of the demand for gold, play into matters? (Nick Rowe)
http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/01/is-the-macroeconomic-importance-of-finance-an-artefact-of-monetary-policy.html

Some clarification on a recent Econlog post from Scott (David Glasner)
http://uneasymoney.com/2014/01/16/did-raising-interest-rates-under-the-gold-standard-really-increase-aggregate-demand/

Discussion re David Glasner's "Free Banking and Monetary Reform" (Jonathan Finegold)
http://www.economicthought.net/blog/?p=5562

Gold, per se, was not the problem (James Caton)
http://moneymarketsandmisperceptions.blogspot.com/2014/01/hawtrey-on-weakness-of-gold-standard.html

Goldman Sachs is still bullish (James Pethokoukis)
Is the US recovery about to die of old age? 3 reasons why it isn't

Also of interest:

Since The Browser goes behind a firewall on Feb 3, I want to highlight a few more articles they've picked up, prior to that date Both of these are helpful for thinking about healthcare and related issues:
http://www.nybooks.com/articles/archives/2014/feb/06/on-breaking-ones-neck/
David Pilling (FT) How Japan stood up to old age

Car ownership is changing: http://blogs.wsj.com/economics/2014/01/21/vital-signs-more-households-dont-own-a-car/?mod=WSJBlog

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