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Gideon Gono, a time machine and the liquidity trap

Gideon Gono, a time machine and the liquidity trap

Here is a quote from a random article from the financial media in 2008:

Believe it or not, but Greenspan makes a lot of sense

Believe it or not, but Greenspan makes a lot of sense

I have often been critical about Alan Greenspan's economic thinking, but listen to this Interview on CNBC. It is pretty good. Greenspan talks about the international financial linkages - particularly between the US and the euro zone. He makes a lot of sense (other than some odd cultural references, which the rather uneducated reporters just go along with...)

Market Monetarist Methodology – Markets rather than econometric testing

Market Monetarist Methodology – Markets rather than econometric testing

When I wrote my book on Milton Friedman (sorry it is in Danish…) a decade ago I remember that the hardest chapter to write was the chapter on Friedman’s methodological views. It ended up being a tinny little chapter and I was never satisfied with it. The main reason was that even though I was and continue to be a Friedmanite in my general (macro) economic thinking I did not agree with Friedman methodological views.

Some (Un)pleasant Nobelmetrics…

Some (Un)pleasant Nobelmetrics…

Ok, I was wrong. I kind of expected that Scott Sumner would not get the Nobel Prize in economics (yeah, yeah I know that its not a real Nobel Prize…) and no I can hardly say that Thomas Sargent and Christopher Sims are not world class economists. Both certainly are, but I must say I am a bit disappointed by the increasing focus among economists on econometrics. But there is no reason to blame Sargent and Sims for that.

Brad, the market will tell you when monetary policy is easy

Brad, the market will tell you when monetary policy is easy

The IS/LM debate continues. Scott Sumner and Brad DeLong now debate how to define “easy money”. Here is my take on how to identify easy and tight money.

A Market Monetarist version of the McCallum rule

A Market Monetarist version of the McCallum rule

McCallum - a inspiration for Market Monetarists

And the Nobel Prize in economics goes to...

And the Nobel Prize in economics goes to...

Press Release

The big IS/LM debate - DeLong comes under heavy shelling

The big IS/LM debate - DeLong comes under heavy shelling

The IS/LM model is standard macro textbook stuff. Unfortunately the model is highly problematic and even worse it seems like the IS/LM model (in its most simple form) is the only model that certain policy makers understand. Recently a debate about the IS/LM model has been flaring up.

Why I Am Not an Austrian Economist

Why I Am Not an Austrian Economist

My post on Bob Murphy's critique of Market Monetarism has triggered a slight discussion about Austrian economics.

Keleher’s Market Monetarism

Keleher’s Market Monetarism

In the 1990s two Federal Reserve officials Robert E. Keleher and Manuel H. "Manley" Johnson came close to starting a Market Monetarist revolution. Johnson and Keleher pioneered what they termed a “Market Price Approach to Monetary Policy”. This approach is essentially Market Monetarism. I have in earlier posts highlighted their book on the subject from 1996, but they also wrote a number of papers during the 1990s that explained their approach.

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