How to think about total factor productivity which appears to have flatlined since the early seventies? Chances are, better services measures can change this. (David Beckworth) http://macromarketmusings.blogspot.com/2014/12/are-we-mismeasuring-productivity-growth.html
Something new to look forward to: Monday links from David Beckworth, and this first round includes a recent Boom Bust segment: http://macromarketmusings.blogspot.com/2014/12/monday-morning-money-still-matters.html
Institutional Money Asset Growth Remains Weak and it Matters
A lively free banking dialog in comments, continues in this post (David Glasner) http://uneasymoney.com/2014/12/03/hayek-free-banking-and-tax-payments/
Models are one thing - equilibrium in motion, altogether another: http://uneasymoney.com/2014/12/09/john-cochrane-meet-richard-lipsey-and-kenneth-carlaw/
James Grant's recent book regarding the 1920-1921 depression has several responses:
(George Selgin) http://www.freebanking.org/2014/12/04/a-1920-21-recovery-myth/
(David Glasner): http://uneasymoney.com/2014/12/05/the-nearly-forgotten-dearly-beloved-1920-21-depression-yet-again-or-never-reason-from-a-quantity-change/
Scott Sumner at Econlog: What (if anything) can we learn from 1921?
While it cannot recover lost wealth, an Export-Price-Norm can still help stabilize monetary policy, in countries which especially depend on commodities (Lars Christensen) http://marketmonetarist.com/2014/12/06/oil-exporters-need-to-rethink-their-monetary-policy-regimes/
Lars highlights quotes from the Financial Times: http://marketmonetarist.com/2014/12/06/oil-prices-inflation-and-the-fts-good-advice-for-central-bankers/
There's little difference between today's Greece, and the Austrian depression of the thirties: http://marketmonetarist.com/2014/12/09/political-unrest-is-always-and-everywhere-a-monetary-phenomenon-also-in-greece/
A bright 2015? Bonnie Carr isn't ready to don those shades just yet... http://dajeeps.wordpress.com/2014/12/07/the-permanent-downshift-in-ngdp-trend-2009-ngdp-trend-line-is-the-new-normal/
Aggregate spending capacity is still falling away from trend (Marcus Nunes): http://thefaintofheart.wordpress.com/2014/12/03/normal-a-word-in-search-of-a-new-definition/
Not much time left for debate, Draghi! http://thefaintofheart.wordpress.com/2014/12/04/draghi-in-drag/
Will Australia lose sight of a steady trend? http://thefaintofheart.wordpress.com/2014/12/10/australia-getting-too-close-for-comfort/
Where are the higher interest rates which normally come with strong jobs growth? (Scott Sumner) The Dog Still Isn't Barking
There's a good chance Giles Wilkes provided a helpful FT article - Financial Times: Low Rates Don't Mean Easy Money
How much of an economic effect could President Obama have? Chris Rock gives new meaning to "creative destruction" and Ezra Klein responds
Some Econlog posts from Scott Sumner:
Bloggers are much greater than central banks
Why debates over inflation are pointless
War on crime? Or war on the poor?
How many doctoral macro students even have class offerings in economic history...monetary history...or history of economic thought?? (George Selgin) http://www.freebanking.org/2014/12/07/we-are-all-free-banking-theorists-now/
George Selgin's contribution to the recent Cato conference: http://www.cato.org/publications/cato-online-forum/money-economic-growth-fed
Thus far, the model has been "disobedient"! (Nick Rowe) http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/12/my-failed-attempt-to-model-longevity-retirement-and-secular-stagnation.html
Central banks need to stay honest: http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/12/principal-agent-problems-and-level-path-targeting.html
Ryan Avent to Fed: "...just focus on the dynamics within the American economy." "The Fed Prepares to Make A Mistake"
Bill Woolsey asks, "Can interest on reserves be expansionary?"
Kevin Erdmann reminds us that "Capital is foundationally deferred consumption." This is why it is so important to make time, skills and knowledge use central to capital formation, instead of allowing them to remain dependent on other fruits of production. http://idiosyncraticwhisk.blogspot.com/2014/12/follow-up-to-rant-about-risk-recovery.html
Also of interest:
"...the term structure of unemployment remains substantially different from the prerecession pattern" (Ed Dolan) http://dolanecon.blogspot.com/2014/12/as-jobs-surge-term-structure-of-us.html
Dietz Vollrath also lists NGDP as the first of several exceptions... https://growthecon.wordpress.com/2014/12/03/insert-policy-here-wont-boost-growth-rates/
No comments:
Post a Comment