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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.

Friedman on the Great Depression - the Youtube version

Friedman on the Great Depression - the Youtube version

Obviously anybody interested in monetary theory and monetary history should read Milton Friedman's and Anna Schwartz's great book "A Monetary History of the United States, 1867-1960", but you could also have a look at the youtube version of the story.

Recommend reading for aspiring Market Monetarists

Recommend reading for aspiring Market Monetarists

The Market Monetarist school has emerged in the blogosphere as a clear competitor to mainstream Keynesians as well as to the Austrian school thinking. However, Market Monetarists have really not been very clear about their intellectual heritage.

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