Wednesday, September 24, 2014

Midweek Market Monetarist Links and Summaries - 9/24/14

At least it's not time to tighten...yet (Marcus Nunes)
The Fed was already overly concerned about price levels in 2008:
"What I'm arguing is that the big mistake of 2008...should not be allowed to fall into the 'bygone be bygone' category." Only think what 1.7 trillion dollars more could actually accomplish:
This does not sound like it is going to end well...
An Australian example:

Lots of ideas...will anything "take"? (Benjamin Cole)

The Fed could make the same mistake with QE3 that it made with QE2 (Kevin Erdmann)
Single unit real estate is still a problem:

An odd headline from Yahoo (Scott Sumner) Readers of the Money Illusion are not confused
The FOMC has really suffered as a result: Yglesias on Obama's missed opportunity
Commenters debate the Scotland Vote: No!
Corner solutions are not optimal for either of these: Infrastructure or Entitlements? This was also a continuation of a discussion from post re Hong Kong at Econlog
"It was obvious from the beginning that Abenomics would both 'succeed' and 'fail': Twice is enough (and don't expect miracles)
Scott provides some clarification in this Econlog post: There is nothing tautological about market monetarism
Even though QE has helped, Japan exemplifies the fact that monetary policy needs assistance from combined efforts for structural change: Abenomics is doing better than I expected (shades of grey)

Is there a path in Nick's post which is capable of equilibrium? (David Glasner)
The IS-LM model leaves no room for a process where expectations can be revised:
A response to Krugman:

If Nick Rowe were an orthodox New Keynesian...
For a while, people made jokes about having to eat squirrels:
At least Old Keynesians and Old Monetarists had a story...

A declaration of...peace? (Bonnie Carr)
Take our good moments where we can get them!

Monetary offset makes the difference (David Beckworth)

Lars Christensen responds to the post by Greg Mankiw:
Lars finds some inspiration from Krugman and Mankiw:

Josh Hendrickson responds to a recent article from Mark Thoma:

James Caton begins a series on nominal income targeting and free banking:

NGDPLT is the best way to avoid fiscal austerity (Britmouse)

From the Minneapolis Fed, an interview with Michael Woodford:

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