Wednesday, November 5, 2014

Midweek Market Monetarist Links and Summaries - 11/5/14

It took a while, but Svensson's opponents now recognize his critique as valid (Scott Sumner): Svensson, vindicated
The Fed's promise to raise rates soon does not make sense. Will it matter when the Fed has "traction"?
Keynesian economics, RBC theory and beggar thy neighbor policies...Three widely held theories discredited in 5 minutes
There are still some regulatory issues in the way of U.S. participation: We're getting there (not?)
Given the best possible circumstance...Response to John Becker
Scott revisits a Cowen post from two years earlier: Does monetary policy "cause" changes in NGDP?

Econlog posts from Scott Sumner:

A response to a post from Tyler Cowen: Supply and demand side stagnation
The historical timeline helps...For some strange reason Keynes and Hayek caused the Great Recession
Honing in on some basics: The "it doesn't matter" theories

By ignoring money, New Keynesians have confused cause and effect (Josh Hendrickson): More on interest rates and inflation

Corporate expectations just aren't that optimistic about future demand (David Glasner):

A good day for Japan (Britmouse)

As it turns out, quite a lot (Ben Southwood) What Robert Peston gets wrong about QE
Ben highlights a recent post from Anthony J. Evans at the Cobden Center: Deflation in the Eurozone is not good deflation

(Marcus Nunes) Fed discretion distorts more than it helps:
Economic "pressure" is still running low:
No one needs a nominal target and an inflation target at the same time:
More Cassel, less Keynes, please...
Do military expenditures really qualify for an "all's well"?
A "correction" for Anatole Kaletsky:
What can happen to AS with a 2% target...
How will Australia weather the commodity "storm"?

A recent paper from Christina and David Romer:
New Evidence on the Impact of Financial Crisis in Advanced Countries

"Should finance people be allowed out unaccompanied by a macroeconomist?" (Nick Rowe)
Which fallacy is harder to understand?
Income variance between father and son:

"The Fed is taking a serious risk in undermining the credibility of its nominal target" (Ryan Avent)
 Marcus Nunes also highlights a particularly good quote from the article:

It's hard to believe the WSJ expects people to pay for its whiplash inducing opinion pages...(Benjamin Cole)

What does global nature of the supply side mean for inflation? (Bonnie Carr)
When even the basics are questioned...

Lars Christensen gives a talk at CEPOS:
Some good links:

Monopolist profits are going to (drum roll...) homeowners! (Kevin Erdmann) Indeed, Piketty's book charts even show this. Didn't Piketty notice?
A tight money regime only hurts poor households:

(James Caton) Microfoundations? Pascal Salin needs macroeconomic tools to conduct macroeconomic analysis
Two roads? Theoretical case and historical precedent for a nominal anchor (Part IV)

"NGDP has not recovered from the trend it was violently shaken from six years ago" (Steve Randy Waldmann)

No comments:

Post a Comment