With a little luck, James Bullard will be able to stand by the recent paper which he coauthored: Pity the "Magic Acronym was Uttered by Someone as Fickle as Bullard!
...but will the new tools restore the growth of nominal spending: Will New Tools Help to "Save" The Economy?
When the Fed reacts to inflation by contracting nominal spending, output only decreases even further: Much Later the Great Inflation was Pinned on Poor Monetary Policy. How Long Will it Take to Blame Monetary Policy for the Repressed Economy Since 2008?
That "fundamental rethink"? Nevermind...The Lack of Imagination is Pervasive
The fact that people have been worried about the "next recession" speaks volumes: Monetary Policy for the Present Depression, Not the Next Recession
Can't see the forest for
Unfortunately, it didn't have to be: Bernanke's Blogging is Trite
Life is constantly enriched, from both globalist perspectives and goods (Lars Christensen) http://marketmonetarist.com/2015/05/27/a-random-day-in-my-global-life-a-celebration-of-free-trade/
Lars is only disappointed that Bullard's paper did not reference David Eagle, and also provides some links to Eagle's work in this post: http://marketmonetarist.com/2015/05/29/st-louis-feds-bullard-comes-out-in-support-of-ngdp-targeting/
David Glasner remembers one of his favorite early posts, with this response to Paul Krugman: http://uneasymoney.com/2015/05/29/paul-krugman-on-tricky-urban-economics/
There is plenty of mind boggling confusion in the housing market (Britmouse) https://uneconomical.wordpress.com/2015/05/27/uk-households-enjoy-125bn-tax-break/
Scott Sumner is encouraged by James Bullard's recent paper: Bullard, et al on NGDP Targeting
Even though the Taylor Principle has value, it is not a reliable instrument: Marcus Nunes was right
For the most part, in agreement with this analysis: Catching up with Krugman
Scott at Econlog:
What makes their problems different? Greece and Detroit
The markets figured out the deflation problem before the Fed: What went wrong in 2008?
The Fed has spending where it wants it: Looking for AD in all the wrong places
This strong dollar is not an exogenous shock: The Fed is not doing its job
Summers would prefer an NGDP target to a "shift up in inflation targets": Larry Summers on NGDP targeting
Nick Rowe looks for some answers from his commenters for this post: http://worthwhile.typepad.com/worthwhile_canadian_initi/2015/05/fiscal-policy-the-eurozone-and-ontario-under-bob-rae.html
Without monetary offset, the fiscal policy multiplier has no impact: http://worthwhile.typepad.com/worthwhile_canadian_initi/2015/06/fiscal-policy-and-econometrics.html
(Kevin Erdmann) "...everyone actively works against their own long term interests...in housing, in education, in healthcare - we keep chasing less and less relative supply with more and more subsidized dollars." And still, the "keepers" of the supply side want to further reduce nominal income: http://idiosyncraticwhisk.blogspot.com/2015/06/housing-tax-policy-series-part-36-we.html
Also of interest:
A working paper from Evan Soltas: http://esoltas.blogspot.com/2015/06/snap-and-food-security.html
And also in the spare time he doesn't have (!) http://esoltas.blogspot.com/2015/06/who-is-on-ruc.html
When statistics meet political interference...(Diane Coyle) http://www.enlightenmenteconomics.com/blog/index.php/2015/05/angry-statisticians-and-fiddled-figures/
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