Midweek Market Monetarist Links and Summaries - 9/17/14

You still want to talk about inflation? Okay...let's talk cars (Scott Sumner) The Great Inflation
At least the U.S. accounts for hedonics in its measurements...Further thoughts on "inflation"
Williamson's error is easier to forgive than the conventional wisdom "which views low interest rates as easy money" Williamson on monetary policy and interest rates
They have too much momentum to be losing ground now: China is still reforming
From Econlog Once again, tight money is the Achilles heel of the right

Nick Rowe and David Glasner agree that Walras' Law doesn't work but after that it gets confusing... http://uneasymoney.com/2014/09/11/nick-rowe-on-money-and-coordination-failures/
Scott Sumner asks David what is being differentiated, re the excess demand for money
And, http://uneasymoney.com/2014/09/14/responding-to-scott-sumner/

A response from Nick Rowe for David and Brad: non monetary shocks can still cause a monetary coordination failure: http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/09/whats-special-about-monetary-coordination-failures.html
How to think about differences between countries? http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/09/open-borders-for-land-too.html

When the specter of inflation destroys commitment (Marcus Nunes) http://thefaintofheart.wordpress.com/2014/09/10/many-still-believe-the-great-recession-was-the-result-of-a-modeling-error/

Who will step on the elevator next? (Benjamin Cole) http://thefaintofheart.wordpress.com/2014/09/14/elevator-qe/
History gets revised! http://thefaintofheart.wordpress.com/2014/09/16/a-long-ago-and-forgotten-episode-of-qe-the-fed-money-financed-uncle-sam-ious-in-late-1960s/

Their growth trajectory continues to flatline (Lars Christensen) http://marketmonetarist.com/2014/09/11/end-europes-deflationary-mess-with-a-4-nominal-gdp-level-target/
There has been a correlation between the dollar and the NGDP gap in the past five years: http://marketmonetarist.com/2014/09/13/the-feds-un-announced-4-ngdp-target-was-introduced-already-in-july-2009/
Scott Sumner responds to Lars: Level vs growth rate targeting
And, http://marketmonetarist.com/2014/09/13/certainly-not-perfect-but-fed-policy-is-not-worse-than-during-the-great-moderation-an-answer-to-scott-sumner/
Lars explains the Mankiw rule: http://marketmonetarist.com/2014/09/16/mankiw-rule-tells-the-fed-to-tighten/

"UK macro is really quite boring at the moment, and I cannot be happier to report that news." (Britmouse) http://uneconomical.wordpress.com/2014/09/12/the-creditable-dullness-of-being-mark-carney/

Bill Woolsey responds to the 4% post by Lars: The Fed's new 4% target

(James Caton) Endogenous credit creation and nominal income targeting: in defense of nominal income level targeting   Bill Woolsey also responds to Caton's post.
(Caton) Lesson of the gold standard: The central bank should target nominal income - revisions to my latest paper

This post includes a "cute" robot that a farmer would find most helpful...(Kevin Erdmann) http://idiosyncraticwhisk.blogspot.com/2014/09/the-new-economy.html
A thoughtful post about Jubilee: http://idiosyncraticwhisk.blogspot.com/2014/09/jubilee-is-most-conservative-economic.html

Also of interest:

U.S. has the 32nd most competitive tax code out of 34 advanced countries (James Pethokoukis)

Poverty has changed little since the Great Recession