Wednesday, October 15, 2014

Midweek Market Monetarist Links and Summaries - 10/15/14

Lars Christensen provides plenty of related links with this post, as well:
Sometimes, bad deflation can "hide" behind what normally represents a positive supply shock:

Note to Krugman: money supplies were not sustained (Marcus Nunes)
When Yellen was worried about rising wages and salaries...
If monetary policy is "powerless"...why did he accept the job?
There's a big difference between the two:
Has it really been 16 months since "taper talk" started?
NGDP just makes more sense:

The good, the not so bad, and the ugly (Scott Sumner) Our great, horrible, indifferent labor market
Noah Smith, Scott's "doppelganger": Great minds think alike
"'s the hawks we need to fear." Are the Doves dishonest?
Scott explains a site called Hypermind: Another NGDP futures market
Recession began earlier in Europe than in the U.S. Why are economists in denial about the eurozone?
Timothy Lee explains Scott's New Zealand market:

Scott at Econlog:
Two "bones to pick" with Yglesias: A certain laxity in word choice
Not on the same page? Obama and the Fed aren't even "in the same library" Economics is symmetrical
There's no need for monetary policy to be held hostage to politics: No hawks or doves, just owls
What keeps the ECB from moving forward? You know you're in trouble when even the Italians won't inflate

Helicopter money without a level target, only increases government liabilities (Nick Rowe)
Coordination problems and fallacies of composition:

A nominal target provides a smoothing process in the event of a negative supply shock (Bill Woolsey) Salter and Hogan on NGDP Level Targeting

So far so good, and perhaps any "rough spots" won't be so bad as the last time (Ravi Varghese)

Shale oil gets plenty of respect! (Benjamin Cole)
According to "Fishy" figures, truck drivers in Texas must be living "high on the hog".

Where are the principles that could assist the supply side of the economy? (Bonnie Carr)

Inconsistent expectations are not helping economic matters right now (David Glasner)
If expectations and plans are not consistent, how can resources be used optimally "or even at all"?

Home prices are still being suppressed (Kevin Erdmann)

Evan Soltas notes the recent drop in oil prices: Here's James Hamilton's post:

Ben Southwood set some Austrians straight, in response to Sam Bowman's NGDP primer last week at ASI. (George Selgin also in comments)

Also of interest:

The poor should also have the right to buy and sell, in the Middle East and in North Africa. (Hernando de Soto) "Economic hope is the only way to win the battle for the constituencies on which terrorist groups feed."

Like Philip K. Howard, I believe that legal matters should be a lot simpler:

Property is...respect!

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