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Christina Romer comes out in support of NGDP targeting

Christina Romer comes out in support of NGDP targeting

The momentum for NGDP targeting is clearly building. Anybody who is interested in monetary policy and in what will be driving the global market sentiment going forward should have a look this issue.

The "China Bluff"

The "China Bluff"

Nick Rowe has a short comment on the news that EU's rescue fund the European Financial Stability Facility (EFSF) will try to tempt China to put money into the rescue fund by issuing bonds in Euros.

"Chinese Silver Standard Economy  and the 1929 Great Depression"

"Chinese Silver Standard Economy and the 1929 Great Depression"

Only two major countries - China and Spain - were not on the Gold Standard at the onset of the Great Depression in 1929. As a consequence both countries avoided the most negative consequences of the Great Depression. That is a forcefully demonstration of how the "wrong" exchange rate regimes can mean disaster, but also a reminder of Milton Friedman's dictum never to underestimate the importance of luck.

Milton Friedman on Exchange rate policy #2

Milton Friedman on Exchange rate policy #2

“The Case for Flexible Exchange Rates”

The Tintin of NGDP targeting

The Tintin of NGDP targeting

Have a look at Tintin explaining NGDP targeting here.

Milton Friedman on exchange rate policy #1

Milton Friedman on exchange rate policy #1

There is no doubt that Milton Friedman is my favourite economist (sorry Scott, you are only number two on the list). In the coming days I will share my interpretation of Friedman’s view of exchange rate policy.

First Wikipedia, now Facebook

First Wikipedia, now Facebook

Recently Market Monetarism has shown up on Wikipedia - and so has "Nominal Income Target". Now it seems the time has come to Facebook. Somebody has started a group on Facebook named "Nominal GDP level targeting". Take a look at it.

Thank you Kelly Evans

Thank you Kelly Evans

Those who have followed the debate about NGDP in the US will know about the views of the Wall Street Journal. I steal this from Scott Sumner:

The Hoover (Merkel/Sarkozy) Moratorium

The Hoover (Merkel/Sarkozy) Moratorium

The global stock markets are strongly up today on the latest news from the EU on the deal on Greek debt (and little bit less…). There is no reason to spend a lot of time describing the deal here, but I nonetheless feel it might be a good day to tell a bit about something else – the so-called Hoover Moratorium of 1931.

Hawtrey, Cassel and Glasner

Hawtrey, Cassel and Glasner

Recently I have been giving quite a bit attention to the writings Gustav Cassel (and I plan more...), but I have failed to give any attention to the great British monetary economist Raplh G. Hawtrey. That is not really fair - Hawtrey and Cassel lived more or less at the same time and both played important roles in the debate and formulation of monetary policy and monetary thinking around the world in 1920s and 1930s.

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