Midweek Market Monetarist Links and Summaries - 3/12/14

Has Jeffrey Frankels lost faith in a nominal target? (Marcus Nunes)
http://thefaintofheart.wordpress.com/2014/03/05/academics-are-funny-they-do-turnarounds-all-the-time/
How to "correct course" with inflation as a guide?
http://thefaintofheart.wordpress.com/2014/03/06/its-really-a-sing-dance-among-fomc-members/
Too many missed connections: http://thefaintofheart.wordpress.com/2014/03/08/macroeconomic-theory-is-not-the-best-analytical-framework-for-making-monetary-policy-decisions/

A useful thought experiment on Nick Rowe's part:
http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/03/coordination-and-the-demand-for-money.html
"Investment in machinery is a hybrid between storing wheat and buying land" http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/03/macro-savings-vehicles.html 

Post title is an apt description of "too useless a task" (Scott Sumner)
When the storm is long past, the five year-five year forward TIPS spread will show 2% inflation
The Fed and monetary offset...do they or don't they?
Watch what they predict, not what they say
What accounts for the "Texas miracle"?
No Texas oil multiplier (dedicated to Adam Gurri and Noah Smith)
Was the 5048 closing in March 2000 "utterly insane"?
5048.62: All judgments are provisional

Some Econlog posts from Scott Sumner:
http://econlog.econlib.org/archives/2014/03/unemployment_wa.html
http://econlog.econlib.org/archives/2014/03/krugman_slides.html
http://econlog.econlib.org/archives/2014/03/the_old_rules_s.html
http://econlog.econlib.org/archives/2014/03/economics_must.html

Unfortunately, monetary policy is only one of their worries right now (Lars Christensen)
http://marketmonetarist.com/2014/03/07/recession-time-for-russia-the-ultra-wonkish-version/
and, http://marketmonetarist.com/2014/03/10/this-is-how-worried-dr-copper-is-about-the-chinese-economy-the-one-graph-version/ 
Justin Irving's response to the second link: YOY inflation at or below 2% does strange things...
http://economicsophisms.com/2014/03/10/inflation-targeting-makes-the-world-malthusian/

David Beckworth suggests the gold standard was not as definitive as one might think:
http://macromarketmusings.blogspot.com/2014/03/the-gold-standard-was-accident-of.html

By no means the first time Stephen Williamson has had a different take...(David Glasner)
http://uneasymoney.com/2014/03/06/stephen-williamson-defends-the-fomc/

House prices are only a price index (Britmouse)
http://uneconomical.wordpress.com/2014/03/12/if-house-prices-are-the-key-to-full-employment/

Evan Soltas explains why NGDP is better than quantitative easing:
http://esoltas.blogspot.com/2014/03/exit-easing-enter-ngdp.html
Evan looks at some of the arguments regarding remaining unemployment:
http://esoltas.blogspot.com/2014/03/trading-in-your-feathers.html

Like Matt Waters, I have a weaker prior re possible market failures than many economists do. His first two posts, here and here.

UI may be over but there are plenty of remaining issues that can't just be swept under the rug (Bonnie Carr)
http://dajeeps.wordpress.com/2014/03/12/a-non-technical-post-about-the-north-carolina-ui-experiment/

"dry and formulaic" huh...eyow. http://blogs.wsj.com/economics/2014/03/11/bank-of-england-destroys-tapes-of-meetings-after-minutes-published/?mod=WSJBlog

Also of interest:

Great article from Tim Harford on systems tracking:
http://www.ft.com/intl/cms/s/2/5f2d1334-a4ca-11e3-9313-00144feab7de.html#axzz2vOWwOXtX