In an AD bleg, (prompted by a post from Chris House) Scott Sumner reconsiders what aggregate demand is all about. Marcus Nunes and Bonnie Carr post responses as well.
Scott continues the discussion at Econlog with AD: Eleven stages of enlightenment
How is the IS-LM model able to derive the AD curve? IS/LM and AD
Overseas perspective on the U.S. has a somewhat different focus: America the bully
(Econlog) Why is it so difficult to envision this way? Economics is all about consumption.
Market monetarists homeless? Better homeless than in a lunatic asylum
David Glasner takes a closer look at the slides provided by Chris Foote, which Scott Sumner discussed in the above linked post re IS/LM and AD: http://uneasymoney.com/2014/07/22/monetarism-and-the-great-depression/
(Marcus Nunes) Target rules and instrument rules are not the same thing: http://thefaintofheart.wordpress.com/2014/07/17/a-legislated-axiom-the-taylor-rule-as-the-reference-policy-rate/
An NGDP level target would be the best financial stability of all: http://thefaintofheart.wordpress.com/2014/07/17/another-ode-to-financial-stability/
Tight money to reduce inequality...yikes http://thefaintofheart.wordpress.com/2014/07/19/japan-would-be-better-off-depressed/
Right now, the market monetarist home is in the blogosphere: http://thefaintofheart.wordpress.com/2014/07/21/making-inroads/
According to Lars Svensson, how does the Riksbank "control" financial stability, particularly with no effective policy instruments to do so? http://thefaintofheart.wordpress.com/2014/07/22/the-idea-that-central-banks-need-a-financial-stability-mandate-keeps-coming-back/
Lars Christensen illustrates Yellen's assertion regarding market value: http://marketmonetarist.com/2014/07/21/the-stock-market-has-reached-a-permanently-high-plateau-if-the-fed-does-not-mess-up-again/
Nick Rowe patiently explains that a legislated Taylor rule is not what we want - "There is always a tension between rules and discretion, and not just in monetary policy": http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/07/taylor-rules-again.html
(Britmouse) More good news from the UK: http://uneconomical.wordpress.com/2014/07/17/wages-vs-employment/
Even optimists may be increasingly bearish about the U.S. (Ravi Varghese): http://insecurityanalyst.blogspot.com/2014/07/scenario-analysis-depressing-fed.html
Ambrose Evans-Pritchard also also sees a hawkish Yellen: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10972348/Fed-kicks-off-global-dollar-squeeze-as-Janet-Yellen-turns-hawkish.html
No "redefinition" yet, on Yellen's part (Benjamin Cole) http://thefaintofheart.wordpress.com/2014/07/16/new-yorker-magazine-lays-a-yellen-egg/
Sometimes a "confluence of factors" mostly serves to exonerate the Fed: http://thefaintofheart.wordpress.com/2014/07/19/the-dallas-fed-the-gift-that-keeps-taking-recession-conservatively-cost-each-u-s-household-120000and-counting-oil-spike-may-have-triggered-recession-but-not-fed/
Also of interest:
Great picture illustration for the theoretical model and the real world model (Frances Woolley):
http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/07/learning-about-theory-does-not-teach-people-how-to-theorize.html
Another natural outcome from "going short" on spending capacity (James Pethokoukis): Less economic growth means fewer American babies - and then even less economic growth
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