Wednesday, July 2, 2014

Midweek Market Monetarist Links and Summaries - 7/2/14

"...under any form of pegged exchange rate policy, a supply shock leads to an 'automatic' demand shock." Merging concepts from Fisher and Hetzel could help. (Lars Christensen):
immigration is a "positive":
"When in doubt, read Friedman":
Concern about financial stability seems to precede crisis...(Lars Christensen)
More arguments for immigration:

It could be easier to target total nominal labor compensation than NGDP. (Scott Sumner) The sickening plunge in corporate profits
"All across America, there are millions of people who live in the underground economy, fearful of the government." The American system is rigged to favor the rich
Scott provides quotes from the recent post by Merijn Knibbe: Keynes understood, why can't New Keynesians?
Looking for answers in national income accounting: What happened to manufacturing in Q1?

Some Econlog posts from Scott Sumner:
Piketty is dismissive of wealth as associated with "merit":
Why might a nominal target pose a problem for (some) emerging economies?

One would at least hope that "silly blather" about inflation will calm down (Marcus Nunes)
Improving economy...based on, what?
A chairman needs to make it clear that he (or she) is in charge:
Lack of expansion "at home" likely means...

(Ryan Avent) Sometimes "the central bank for central banks" is little more than a stopped clock. The BIS knows that the higher interest rates it wants are a misreading of what is actually happening.
"Dead Economies Blow No Bubbles"

(David Beckworth) Raising interest rates now would only "choke off the feeble recovery and create the very instability the BIS fears":

Giles Wilkes on Ryan Avent and P.W. at the Economist "within the very same magazine they don't agree about what Loose Money means."  Likewise, Scott Sumner in Silence is Golden, says, "Reading Free Exchange sometimes makes me think of The Economist versus The Economist."

Bonnie Carr takes a closer look at a pamphlet (2002) by Milton Friedman and Charles Goodhart:

"Can the Fed wake up?" (Benjamin Cole)

-2.9%. How to square a "data bloodbath" with reality? (JP Koning)

Mr. Grant seems to have forgotten the subjective theory of value (David Glasner):

Also of interest:

(Bradford Delong) more than internal balance is at stake:

A question which matters for the near future (Tyler Cowen):
Will international trade as a share of global gdp go up or down?

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