Midweek Market Monetarist Links and Summaries - 4/9/14

I'm glad that when Lars Christensen was cleaning up his old computer, he came across this list:
http://marketmonetarist.com/2014/04/04/10-fallacies-of-the-great-recession/
A clearly written and telling example:
http://marketmonetarist.com/2014/04/07/currency-union-and-asymmetrical-supply-shocks-the-case-of-finland/

"Management" could mean lots of things but not necessarily helpful (Nick Rowe):  http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/04/what-is-a-managed-exchange-rate.html
The present punchbowl isn't much of a party: http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/04/temporary-vs-permanent-money-multipliers.html 
The "weird" assumption: currency and deposits as complements, rather than substitutes
http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/04/deflationary-banks.html

It's always good to remember that advocacy for a nominal target is not new (Marcus Nunes):
The Eurozone already has a high risk of deflation: http://thefaintofheart.wordpress.com/2014/04/03/no-one-ever-agrees-with-the-imf-even-when-it-asks-a-countryarea-to-do-more-stimulus/
Inflation seems to be going extinct:
http://thefaintofheart.wordpress.com/2014/04/04/there-was-nothing-solid-about-the-employment-report-its-the-same-old-same/
Still using the wrong tool: http://thefaintofheart.wordpress.com/2014/04/05/it-or-ngdplt/
And yet likely a size that few will "wear": http://thefaintofheart.wordpress.com/2014/04/05/the-new-one-size-fits-all-4/
Marcus responds to a recent NYT article by Tyler Cowen:  http://thefaintofheart.wordpress.com/2014/04/07/why-are-so-many-people-out-of-work-indeed/
...as if there weren't enough re the economy, to worry about already!
http://thefaintofheart.wordpress.com/2014/04/08/asymmetric-effects-of-us-growth/

Scott Sumner also highlights a recent post from Marcus Nunes, in  Let's Play 1960s-era Fed
Unfortunately, Obama thinks monetary policy is credit policy: Fed hawk who helped implement Obama's tight money policy announces resignation
Nominal wages are the correct measure of inflation for monetary policy purposes: The March jobs report
Scott clarifies some misconceptions in a Joe Gagnon post: Joe Gagnon on what the Fed got wrong
Why wasn't it good enough for Obamacare to eliminate voluntary uninsuredness?

Michael Darda makes his case (David Beckworth)
http://macromarketmusings.blogspot.com/2014/04/financial-stability-converns-are.html

James Pethokoukis isn't thrilled with the "new normal" - The March Jobs Report: Is The Great Recession Finally Over?

Non-mortgage debt is insignificant compared to mortgage debt (Kevin Erdmann)
http://idiosyncraticwhisk.blogspot.com/2014/04/economic-growth-was-not-fueled-by.html

JP Koning takes a look at the Rowe/Glasner debate: http://jpkoning.blogspot.com/2014/04/rowe-v-glasner-round-33.html

It's a war between professional traders (David Glasner):
http://uneasymoney.com/2014/04/08/the-real-problem-with-high-frequency-trading/

Also of interest:

Josh Hendrickson reviews Piketty:
http://everydayecon.wordpress.com/2014/04/07/what-is-fair/

Long term unemployment was at 45% during the depths of the recession (Tim Harford)
http://timharford.com/2014/04/why-long-term-unemployment-matters/

"If people advocate intervention, it's to strengthen markets, not replace them." (Jonathan Finegold)
The Capitalist Mentality

Mark Thoma explains deflation: http://www.cbsnews.com/news/explainer-why-is-deflation-so-harmful/