(Nick Rowe) Since it's theoretically possible for the central bank to run out of assets to buy, why not start there, first...http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/08/land-vs-helicopters.html
The job of the central bank is to deal with the world as it is:
http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/08/second-best-monetary-policy-and-the-strategy-space.html
A determinate equilibrium can trump an indeterminate equilibrium, even if it is inadequate (David Glasner):
http://uneasymoney.com/2014/08/22/the-trouble-with-is-lm-and-its-successors/
David Beckworth posts the slides which he included in a recent talk: http://macromarketmusings.blogspot.com/2014/08/talking-about-past-five-years.html
2% inflation target? No. 2% ceiling to an inflation target corridor? Yes: http://macromarketmusings.blogspot.com/2014/08/about-fed-not-trying-hard-enough-to-hit.html
Bill Woolsey takes a closer look at Scott's conclusions in a recent Econlog post:
NGDP targeting in developing countries
Tight money and protectionist tendencies are likely related (Lars Christensen) http://marketmonetarist.com/2014/08/21/something-very-clever-bryan-caplan-wrote-in-2007-on-anti-foreign-bias/
Was 1968 a black swan event? (Scott Sumner) Delong on the mother of all black swans
Scott's response to a Binyamin Applebaum article: The Fed can fix high employment, it can't fix low unemployment
Progressives have been slow to embrace monetary policy: Better late than never, but early is even better
"...debt crisis are the result of NGDP growth crashes." Draghi doesn't understand what caused the eurozone double dip
So far the EMH still comes out on top - 2001: A Market Odyssey (Shiller out of sample)
Krugman...too much for Paris? French socialists purge far left Krugmanites from government
Some Econlog posts from Scott:
In a response to a Vox article, Scott also notes that targeting total labor compensation could minimize employment volatility: http://econlog.econlib.org/archives/2014/08/nominal_gdp_tar_1.html
As interest rates fall from tight money and damage credit markets, bond prices rise: Never reason from a bond price change
Mr. Bernanke vs. the structuralists
Older workers as long term unemployed? Oh well...(Bonnie Carr) http://dajeeps.wordpress.com/2014/08/22/janet-yellen-writes-off-older-unemployed-doesnt-get-that-it-is-irrational/
These pictures tell a story (Marcus Nunes) http://thefaintofheart.wordpress.com/2014/08/19/ez-fast-going-down-the-drain-now-joined-up-by-germany/
Perhaps the public has "figured out" more than anyone suspects... http://thefaintofheart.wordpress.com/2014/08/25/snippet-of-a-conversation-at-houston-airport/
A trifecta of "central bank sins"? (Benjamin Cole) http://thefaintofheart.wordpress.com/2014/08/23/the-great-conundrum-faced-by-righty-tighties/
...At least he understood monetary policy! http://thefaintofheart.wordpress.com/2014/08/25/richard-easy-money-nixon-shames-barack-know-nothing-obama-tapes-reveal-nixon-wanted-easy-money-and-to-pack-the-federal-reserve-with-monetary-expansionists/
Ravi Varghese responds to Benjamin's "righty-tighty" post: http://insecurityanalyst.blogspot.sg/2014/08/what-kind-of-dollar-do-they-want.html
Evan Soltas looks at some housing factors which aren't getting much attention. Good post. http://esoltas.blogspot.com/2014/08/housing-weakest-link.html
(Kevin Erdmann) "A problem with programs like ACA is that they muddy the usefulness of GDP. I'm not sure they even effect growth rates coherently, except in the very long term." http://idiosyncraticwhisk.blogspot.com/2014/08/aca-survey-from-philadelphia-fed.html
"...there has been a real loss in potential GDP growth, due to the allocation of capital to real estate in lieu of more dynamic productive assets." http://idiosyncraticwhisk.blogspot.com/2014/08/squaring-circular-logic-of-interest.html
Lorenzo does justice to the topic with an in depth post: http://skepticlawyer.com.au/2014/08/27/ahistorical-pomposity-and-gnostic-sneering-why-academics-write-deep-crap-about-neoliberalism/
Hang on! Don't tighten yet! (James Pethokoukis) Here's why the job market is telling the Yellen Fed to go slow, in one chart
Also of interest:
Ashok Rao considers the proposal by Pranjul Bhandari and Jeffrey Frankel: http://ashokarao.com/2014/08/22/a-nominal-income-target-in-emerging-markets/
"There are two responses to technical change. Raise output, or lower inputs. Since 2000 we've apparently been choosing the latter strategy, and that might be how we continue." (Dietz Vollrath)
http://growthecon.wordpress.com/2014/08/23/lower-skill-demand-in-the-21st-century/
No comments:
Post a Comment