Wednesday, May 13, 2015

Midweek Market Monetarist Links and Summaries - 5/13/15

In spite of plenty of negative press, China has made tremendous progress (Scott Sumner) The Economist dispels some China myths
Central banks manipulate currency. What does that mean? Xenophobia plus cognitive illusions = mass ignorance
Meanwhile, public healthcare has been cut to the bone...Bankrupt Greece breaks promise, rehires 15,000 public employees
Perhaps this could make it easier to introduce a nominal target. Thank God for the "Shy Tory" factor
Only certain states are doing well. Update on the American Sunbelt
Still spreading the news that QE doesn't help - About that "impotent" monetary policy
Writing to evoke feelings is not the same as writing to provide perspective: How does it feel?

Scott at Econlog:
Consumption needs to be considered: How would we know if we won the war on poverty?
"...the goal is to change it." There's no such thing as public opinion, example #421
Yet another example why macroeconomic prediction markets are needed: Markets > Polls > GOP Pundits
A lower cost of labor increases the quantity demanded: Labor market blues

There's more at stake than the price of commodities (Marcus Nunes)
Marcus provides a history lesson in graphs for commenter James in London:
A "target" which no longer provides useful information:

Lars Christensen begins his transition with a series of youtube videos:
Hopefully, China will not reduce the growth momentum too quickly:

The federal takeover in 2010 set this into motion (Evan Soltas)

Mervyn King gets it wrong (Britmouse)
Employment returns to trend?
Not quite "unambiguously positive":
When productivity growth falls...

When Bernanke advocated helicopter drops...(Benjamin Cole)
Benjamin highlights an encouraging pro-growth paper:

About Krugman...(Bonnie Carr)

(Kevin Erdmann) "What a strange economy this is. Housing, education and health care have been eating up our productive capacity for some time. The details differ for each sector, but each is giving us a declining share of real output while we keep spending the same or more."

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