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Bob Murphy is anti-market (monetarism)

Bob Murphy is anti-market (monetarism)

Bob Murphy has a comment on Market Monetarism on the Ludwig von Mises Institute website. Bob has been a fierce critic of Market Monetarism for some time and his views clearly deserves attention.

Friedman vs Mundell revisited

Friedman vs Mundell revisited

The euro crisis continues, but the issues are not new. Already back in 2001 two of the most influential monetary economists ever debated the euro issue – and the question of fixed versus floating exchange rates. Milton Friedman represented the euro sceptic view, while Robert Mundell represented the pro euro view.

Protectionism is still evil

Protectionism is still evil

In a recent comment on Chinese exchange rate policies Paul Krugman comes close to call for US protectionist policies against China.

Bill "the new Gipper" Woolsey's interesting idea

Bill "the new Gipper" Woolsey's interesting idea

Fellow Market Montarist Bill Woolsey has an interesting proposal. He suggests that the Federal Reserve should adopt a policy of targeting "growth rates of nominal GDP from Reagan's 1983 and 1984 recovery from the recession of 1982". Bill can hardly be said to be an inflationist as he is in fact is in favour of a long-term target of 3% yearly NGDP growth in the US (that would likely lead to 0-1% inflation over the longer run), but he nonetheless favours returning US NGDP to the pre-crisis trend through more aggressive easing in a transitory period.

If you want to know about the Great Recession read Robert Hetzel

If you want to know about the Great Recession read Robert Hetzel

For readers who are unfamiliar with Market Monetarism I have a number of pieces of research that I would recommend, but everybody should start out by reading Robert Hetzel’s excellent and truly thought provoking paper “Monetary Policy in the 2008--2009 Recession”

Sumner explains the difference between "old-style" monetarism and Market Monetarism:

Sumner explains the difference between "old-style" monetarism and Market Monetarism:

Scott Sumner in an answer to me on his blog explains the difference between "old-style" monetarism and Market Monetarism:

France caused the Great Depression – who caused the Great Recession?

France caused the Great Depression – who caused the Great Recession?

One of my absolute favourite Working Papers is Douglas Irwin’s brilliant paper “Did France cause the Great Depression?”.

Risk off and monetary conditions

Risk off and monetary conditions

If one reads through the financial media on a random day it is likely that market participants will be quoted for saying that it is either a “risk on” or a “risk off” day in the markets. (Today surely looks like a risk off day, but that’s is irrelevant to the discussion below).

The youtube version of Market Monetarism

The youtube version of Market Monetarism

One way to study the reasons and the background for the Great Recession is to read Market Monetarist blogs. Another way is to read some quality economic research in economic journals and working papers.

Four reasons why central bankers ignore Scott Sumner’s good advice

Four reasons why central bankers ignore Scott Sumner’s good advice

Scott Sumner and other Market Monetarists forcefully argue that monetary policy can and should be used to return nominal GDP (NGDP) to it's pre-crisis growth path. In the US that is around 5% yearly NGDP growth from a level 12-14% above the present level.

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