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Twitting Market Monetarist

Twitting Market Monetarist

You will now find my blog posts at Twitter as well @MaMoMVPY

Milton Friedman on exchange rate policy #5

Milton Friedman on exchange rate policy #5

The euro – “a great mistake”

"Bernanke invites Scott Sumner for lunch"

"Bernanke invites Scott Sumner for lunch"

“Oct. 31 (Boomberg) US stock market closed sharply up after the Federal Reserve Bank announced that Federal Reserve chairman Ben Bernanke has invited Bentley University economics professor and advocate of nominal GDP targeting Scott Sumner for lunch at the prestigious Washington D.C. restaurant CityZen.

The inverse relationship between central banks' credibility and the credibility of monetarism

The inverse relationship between central banks' credibility and the credibility of monetarism

A colleague of mine today said to me ”Lars, you must be happy that you can be a monetarist again”. (Yes, I am a Market Monetarists, but I consider that to be fully in line with fundamental monetarist thinking…)

Milton Friedman on exchange rates #4

Milton Friedman on exchange rates #4

Always floating exchange rates?

Hayekian capital theory - the math geek version

Hayekian capital theory - the math geek version

When I wrote my master thesis many years ago the topic was a mathematical formalization of Austrian Business Cycle Theory. In hindsight I think it is incredible that I able to pull it off and I am still pretty happy with that master thesis. It, however, convinced me that Hayek's version of Austrian Business Cycle theory was seriously flawed. Furthermore, the math in my modeling never really satisfied me. It was just not good enough.

"Ben Volcker" and the monetary transmission mechanism

"Ben Volcker" and the monetary transmission mechanism

I am increasingly realising that a key problem in the Market Monetarist arguments for NGDP level targeting is that we have not been very clear in our arguments concerning how it would actually work.

Daylight saving time and NGDP targeting

Daylight saving time and NGDP targeting

Today I got up one hour later than normal. The reason is the same as for most other Europeans this morning – the last Sunday of October - we move our clocks back one hour due to the end of Daylight saving time (summertime).

Milton Friedman on exchange rate policy #3

Milton Friedman on exchange rate policy #3

The fears of economists and politicians with regard to flexible exchange rates can largely be traced back to the policies of the 1920s following the collapse of the gold standard. The most famous criticism of flexible exchange rates is probably that made by the Estonian economist Ragnar Nurkse. Nurkse[1] claimed that the 1920s demonstrated that flexible exchange rates are destabilising.

Bennett McCallum on EconPapers - start downloading NOW!

Bennett McCallum on EconPapers - start downloading NOW!

In a post today Scott Sumner pays tribute to Bennett McCallum. I am as Scott is a big fan of Dr. McCallum (and of Scott).

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