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Woolsey on DeLong on NGDP Targeting

Woolsey on DeLong on NGDP Targeting

Interestingly enough both Paul Krugman and Brad DeLong have now come out in favour of NGDP level targeting. Hence, the policy recommendation from these two Keynesian giants are the same as from the Market Monetarist bloggers, but even though the Keynesians now agree with our policy recommendation on monetary policy in the US the theoretical differences are still massive. Both Krugman and DeLong stress the need for fiscal easing in the US. Market Monetarists do not think fiscal policy will be efficient and we are in general skeptical about expanding the role of government in the economy.

Please help Mr. Simor

Please help Mr. Simor

He is a challenge for you all.

Calvinist economics - the sin of our times

Calvinist economics - the sin of our times

A couple a days ago I had a discussion with a colleague of mine about the situation in Greece. My view is that it is pretty clear to everybody in the market that Greece is insolvent and therefore sooner or later we would have to see Greece default in some way or another and that it therefore is insane to continue to demand even more austerity measures from the Greek government, while at the same time asking the already insolvent Greek government to take on even more debt. My colleague on the other hand insisted that the Greeks “should pay back what they owe” and said “we can’t let countries default on their debt then everybody will do it”. It was a moral and not an economic argument he was making.

Beckworth's NGDP Targeting links

Beckworth's NGDP Targeting links

Here is David Beckworth:

Krugman's tribute to Market Monetarism

Krugman's tribute to Market Monetarism

Ok, I will be completely frank here...I have always seen myself as a anti-Keynesian and I have said terrible things about Paul Krugman's keynesianism and especially his view of the liquidity trap has made me extremely frustrated. However, there is no coming around the fact that he is a world-class economist.

Open-minded Brits – and Austrians

Open-minded Brits – and Austrians

American Alex Salter is a good example of the open-minded Austrians who has welcomed the dialogue with Market Monetarists. In my own part of the world Austrians is also engaging us in a serious fashion. A good example is Anthony Evans – self-declared Austrian, monetary specialist and Associate Professor of Economics at London’s ESCP Europe Business School, and Fulbright Scholar-in-Residence at San Jose State University.

More on the McCallum-Christensen rule (and something on Selgin and the IMF)

More on the McCallum-Christensen rule (and something on Selgin and the IMF)

I have just printed three papers to (re)read when the rest of the family will be sleeping tonight. You might want to have a look at the same papers.

Killing the messenger won't solve the debt crisis
The Hottest Idea In Monetary Policy

The Hottest Idea In Monetary Policy

Its pretty simple - Scott Sumner is a revolutionary with revolutionary idea and he is breaking through big time.

Chuck Norris on monetary policy #2

Chuck Norris on monetary policy #2

I am continuing my tribute to the great Chuck Norris.

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