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"The Wages of Destruction"

"The Wages of Destruction"

It is always nice to open the mailbox and see a new book in the mail. The latest arrival at the Christensen household is "The Wages of Destruction" by Adam Tooze on "The Making and Breaking of the Nazi Economy".

"Monetary Policy, Financial Stability, and the Distribution of Risk"

"Monetary Policy, Financial Stability, and the Distribution of Risk"

I have recently been giving a lot of attention to the work of David Eagle and his Arrow-Debreu based analysis of monetary policy rules. This is because I think David's work provides a microfoundation for Market Monetarism and adds new dimensions to the discussion about NGDP targeting - particularly in regard to financial stability.

Dubai, Iceland, Baltics – can David Eagle explain the bubbles?

Dubai, Iceland, Baltics – can David Eagle explain the bubbles?

It’s Sunday night in Copenhagen and I have just returned from a trip to Dubai. I should really write a long post about Dubai, but I will keep it short.

Friedman should have supported NGDP targeting, but never did

Friedman should have supported NGDP targeting, but never did

I found yet another gold nugget in David Eagle’s research:

The thinking of a ”Great Moderation” economist

The thinking of a ”Great Moderation” economist

Imagine you are ”born” as a macroeconomists in the US or Europe around 1990. You are told that you are not allowed to study history and all you your thinking should be based on (apparent) correlations you observe from now on and going forward. What would you then think of the world?

Fiscal union = same rating for all euro countries?

Fiscal union = same rating for all euro countries?

I don't know the answer to the the question in the headline, but here is from the Financial Times:

National stereotyping is not an explanation for boom-bust – it is mostly about luck

National stereotyping is not an explanation for boom-bust – it is mostly about luck

A couple ofweeks ago I visited Lithuania and around a month ago I was in Ireland. Both countries have been through boom and bust and both countries are still not out of the crisis. Tomorrow I fly to another crisis hit place - Dubai. This has reminded me about an issue that have been on mind my mind for some time. Can national stereotyping explain why countries are hit by crisis? My clear answer is no and that should be the answer of most intelligent people. However, surprisingly often both mainstream media and many economists would hint (or say directly) that national characteristics can explain why X or Z country has been hit by crisis.

David Eagle’s framework and the micro-foundation of Market Monetarism

David Eagle’s framework and the micro-foundation of Market Monetarism

Over the last couple of days I have done a couple of posts on the work of David Eagle (and Dale Domian). I guess that there still are a few posts that could be written on this topic. This is the next one.

Guest post: Why we need the European Central Bank as Lender and Owner of Last Resort
David Eagle on “Nominal Income Targeting for a Speedier Economic Recovery”

David Eagle on “Nominal Income Targeting for a Speedier Economic Recovery”

I am continuing my mini-review of the research done by Dale Domian and David Eagle. The next paper in the “series” is a truly excellent paper on an empirical investigation of the impact of different monetary policy targets (inflation targeting, Price Level Targeting and Nominal Income Targeting) on the speed of recovery in the US economy.

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