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Tilford and Whyte on the euro crisis

Tilford and Whyte on the euro crisis

Simon Tilford and Philip Whyte have written an essay - "Why stricter rules threaten the eurozone" - on the euro crisis for the normally strongly pro-European Centre for European Reform. I far from agree with everything in the report, but it is worth a read.

Dear Mario and Ben - monetary policy is getting tighter and tighter by the minute

Dear Mario and Ben - monetary policy is getting tighter and tighter by the minute

On the first page of the Market Monetarist bible it says that we can observe whether monetary policy is getting tighter or looser by watching the markets. From a US perspective US monetary policy is getting tighter when the US dollar strengthens, stock prices drop, bond yields drop and commodity prices fall. Guess what folks - monetary policy is getting a lot tighter today!

Insufficient powers of (European) central banks

Insufficient powers of (European) central banks

Here is Ben Bernanke and Harold James (1991) on "Insufficient powers of (European) central banks":

"Incredible Europeans" have learned nothing from history

"Incredible Europeans" have learned nothing from history

The conservative Partido Popular won the general elections in Spain over the week and PP leader Mariano Rajoy will now become Prime Minister in Spain. That makes it three - that is the number of new Prime Ministers in Southern European countries in a couple of weeks.

Taylor fires at NGDP targeting - the Market Monetarists fire back

Taylor fires at NGDP targeting - the Market Monetarists fire back

John Taylor has a comment on NGDP targeting. Let's just say he is not a fan of NGDP targeting.

Capital controls are always wrong - also in Iceland

Capital controls are always wrong - also in Iceland

I have long had a interest in the Icelandic economy and my views on the Icelandic boom-bust are well know.

Pedersen on Price Level Targeting

Pedersen on Price Level Targeting

My good colleague Jens N. Pedersen has today successfully defended his master thesis at the Department on Economics at the University of Copenhagen.

British style Binge-drinking and QE - all we need is Chuck Norris
 "Fed greatly destabilized the U.S. economy"

"Fed greatly destabilized the U.S. economy"

As the European crisis just gets worse and worse I am reminded by what a clever man once said - he is that clever man Ben Bernanke in 2004:

Please listen to Nicholas Craft!

Please listen to Nicholas Craft!

Professor Nicholas Craft as written a report for the British think tank Centre Forum on "Delivering growth while reducing deficits: lessons from the 1930s". The report is an excellent overview of the British experience during the 1930s, where monetary easing through exchange rate depreciation combined with fiscal tightening delivered results that certainly should be of interest to today's policy makers.

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