Wednesday, July 30, 2014

Midweek Market Monetarist Links and Summaries - 7/30/14

(Nick Rowe) Is a second best monetary policy option even less optimal as a counter-response?
http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/07/new-keynesian-neo-fiscalists-for-increasing-austerity.html
Old Keynesianism happened quickly, but New Keynesianism happened slowly: http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/07/the-growth-stages-of-the-new-keynesian-model.html
Does it matter where one draws the line between monetary and fiscal? http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/07/the-soft-fade-from-monetary-to-fiscal.html
How significant are the wealth effects in Lloyd Metzler's model?http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/07/on-not-quite-getting-lloyd-metzler.html
Some further clarification re helicopter money: http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/07/when-is-helicopter-money-optimal.html

(David Beckworth) Both fiscalists and monetarists would benefit if the Fed moved away from an ad hoc approach: http://macromarketmusings.blogspot.com/2014/07/insure-against-central-bank.html
Goodbye to QE: http://macromarketmusings.blogspot.com/2014/07/a-look-back-at-feds-qe-programs.html
The big lesson? Get the monetary system right: http://macromarketmusings.blogspot.com/2014/07/the-other-important-legacy-of-world-war.html

(Marcus Nunes) How did inflation targeting come to be adopted? http://thefaintofheart.wordpress.com/2014/07/23/it-plt-ngdp-lt-is-there-a-story/
No need to jump the gun on macro-prudential policy: http://thefaintofheart.wordpress.com/2014/07/24/maybe-being-an-island-off-the-traditional-pathway-helps-free-thinking/
With an NGDP level target, the zero lower bound doesn't have to happen: http://thefaintofheart.wordpress.com/2014/07/25/getting-there/
Australia shows that current account deficits are not the issue: http://thefaintofheart.wordpress.com/2014/07/25/a-useless-endeavor/
If only the inflation target hadn't been the reason for the monetary stimulus: http://thefaintofheart.wordpress.com/2014/07/26/in-some-cases-the-central-bank-cannot-control-inflation-while-in-others-it-cannot-promote-it/

(Scott Sumner) Some of the long term unemployed are finding work: Erdmann and Yellen will like this story
As a share of population, new unemployment claims are at their lowest figure since the sixties: Let's consider the big picture
A response to Glasner: David Glasner on me on IS-LM
Woodford has a different view of QE on interest rates than market monetarists: Andolfatto interviews Woodford
Scott highlights an encouraging post from Mike Bryan of the Atlanta Fed: Is the Fed finally beginning to see the problems with IT?
There's more than one mystery in this positive scenario: Does monetary policy explain the British jobs recovery?

Some Econlog posts from Scott:

Public policy models can be quite different: Beyond left and right
Nick Rowe on fiscal policy (and reply to Caplan)
In response to Bryan Caplan: I feel pain therefore I am (a utilitarian)
Helicopter drops are a bad idea at any time

(Lars Christensen) Has central banking become all about keeping up with the latest fashion? http://marketmonetarist.com/2014/07/28/european-central-bankers-are-obsessing-about-everything-else-than-monetary-policy/

Bonnie Carr considers the Woodford interview: http://dajeeps.wordpress.com/2014/07/27/woodford-on-lsaps/
 A response re Mike Bryan of the Atlanta Fed: http://dajeeps.wordpress.com/2014/07/28/inflation-measurement-folly/

Even though it's the wrong measure, at least Australia allows more economic access (Benjamin Cole): http://thefaintofheart.wordpress.com/2014/07/30/do-aussie-central-bakers-have-a-good-enough-solution/

(Kevin Erdmann) A "new normal" may mean "persistence in unemployment as we move out of recessions":  http://idiosyncraticwhisk.blogspot.com/2014/07/a-brief-look-at-unemployment-persistence.html
Fatalism might not win the day if we had more choice: http://idiosyncraticwhisk.blogspot.com/2014/07/regulatory-predestination-and-right-to.html

James Pethokoukis on Richard Fisher of the Dallas Fed: A completely upside-down view on what threatens Fed independence

Also of interest:

Tax revenue in low suburban densities does not keep up with maintenance costs over time:
The Suburbs Will Die: One Man's Fight to Fix the American Dream

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