Midweek Market Monetarist Links and Summaries - 3/19/14

What would be the right counterfactual for the economy, in the absence of this policy? (David Beckworth)
http://macromarketmusings.blogspot.com/2014/03/the-presidents-economic-report-and.html
When 2% becomes an effective ceiling instead of a target range:
http://macromarketmusings.blogspot.com/2014/03/what-is-feds-real-inflation-target.html

"In real terms the Dow went nowhere in 68 years" (for example) - Scott Sumner
100 years of excess returns: No, they are not (statistically) significant
Lack of a clear target rule is getting in the way of coherent discussions:
It's the policy regime that needs fixing
A recent BOE monetary policy report is fine - so long as one likes the interest rate approach:
Banking theory disguised as monetary theory?
Scott discusses how his view of macro has been shaped by Lucas and Fama

Some Econlog posts from Scott:
http://econlog.econlib.org/archives/2014/03/did_the_rate_in.html
http://econlog.econlib.org/archives/2014/03/the_legacy_of_m.html

Nick Rowe has lots of fun with the BOE's (above mentioned) "lovely clear article"
http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/03/one-general-theory-of-money-creation-to-rule-them-all.html
"The supply of money determines the quantity demanded, and not vice versa"
http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/03/the-sense-in-which-the-stock-of-money-is-supply-determined.html

Lars Christensen responds to Sumner's policy regime post:
http://marketmonetarist.com/2014/03/15/revisiting-the-discretionary-decision-to-introduce-rules/
Russia will likely go into recession:
http://marketmonetarist.com/2014/03/19/putins-hopes-for-monetary-miracles/

Running out of ideas? Inflation adds drama (in charts) - Marcus Nunes
http://thefaintofheart.wordpress.com/2014/03/12/fed-chairmen-as-scriptwriters/
Supply siders have more excuses than solutions (Benjamin Cole)
http://thefaintofheart.wordpress.com/2014/03/13/is-inflation-dead-for-good-is-jimmy-hoffa/
Nominal stability is a Fed provision - not a government provision (Marcus)
http://thefaintofheart.wordpress.com/2014/03/14/the-impact-of-government-spending-was-not-small-it-was-nil/
Still close to trend: http://thefaintofheart.wordpress.com/2014/03/14/lessons-from-australia/
Monetary policy settings are not loose. Rather, rudderless:  http://thefaintofheart.wordpress.com/2014/03/14/possible-yes/
How might monetary policy affect labor across borders? http://thefaintofheart.wordpress.com/2014/03/16/matching-shapes/

"Keynes argued himself into a corner, and in his review of the General Theory, Hawtrey caught him there and pummeled him" (David Glasner):  http://uneasymoney.com/2014/03/13/hawtrey-v-keynes-on-the-general-theory-and-the-rate-of-interest/

Kevin Erdmann provides a review:
http://idiosyncraticwhisk.blogspot.com/2014/03/the-fed-in-2008.html

What does "Everybody Know" about the global and financial markets? (Ravi Varghese)
http://insecurityanalyst.blogspot.com/2014/03/everybody-knows-that.html

Also of interest::

Jonathan Finegold offers a helpful summary of Paul Krugman's trade theory in this post:
http://www.economicthought.net/blog/?p=5473

Growing concerns as to copper as a signal of deflation:
http://www.capitalspectator.com/does-coppers-slide-signal-a-new-phase-of-deflation-risk/

If anyone missed these, Arnold Kling highlights some noteworthy labor market posts for contrast:
http://www.arnoldkling.com/blog/the-labor-market-three-takes/

Now here's an idea that would make Main Street USA a lot more lively:
Unit 3 Micro: Pop Up Shops on the Underground