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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.

Welcome to The Market Monetarist

Welcome to The Market Monetarist

Since the outbreak of the Great Recession a new economic school has emerged basically as a result of blogging on the internet. I have in a recent working paper termed this school Market Monetarism. The purpose of this blog is to follow the theoretical and empirical development of Market Monetarism as well as hopefully contribute to the development of the school.

Draghi's answer: More public investments in the "digital economy" rather than QE

Draghi's answer: More public investments in the "digital economy" rather than QE

This is ECB-chief Mario Draghi in an interview today with Bloomberg:

Time to get monetary policy on 'autopilot'

Time to get monetary policy on 'autopilot'

For somewhat more than a decade I have regularly been watch monetary policy decision from different central banks around the world. Most 'modern' central banks in the world announces changes to monetary policy once around. Mostly these events are pretty much none-events - the central banks do not surprise markets much. However, over the last fives years it has certainly been harder to predict the outcome of these meetings compared to how relatively easy it in the decade before the crisis.

A bit of (Free) Banking history in Northern Ireland

A bit of (Free) Banking history in Northern Ireland

My employer Danske Bank has a branch in Northern Ireland. The bank used to be named Northern Bank. However, recently the name has been changed to Danske Bank. As a number of commercial banks in Northern Ireland are issuing their own bank notes (or rather pound notes with their on logo on) it will soon be possible pay your bills with Danske Bank bank notes in Northern Ireland.

Strong data should not keep Carney from doing the right thing

Strong data should not keep Carney from doing the right thing

The couple of days have brought a number of data releases that indicate that a recovery is underway in the British economy. This is from the Telegraph today:

Vesco is saying the right things

Vesco is saying the right things

This is Italian central bank governor Ignazio Visco in an interview with Bloomberg:

Leads, lags and the monetary transmission mechanism

Leads, lags and the monetary transmission mechanism

Over the past three days Bob Hetzel has given a number of lectures in Copenhagen and I am happy to say that I have participated in all of the seminars and lectures. Not surprisingly Bob and I agree 90% (at least) on monetary theory, however, I have also become more aware of one of the major difference between traditional monetarism and Market Monetarism.

Money, rules and causality

Money, rules and causality

During the 1970s a key debate keynesians and monetarists was about the causality in macroeconomic models or more specifically about whether changes in the money supply caused changes in nominal spending or whether nominal spending changed caused changes in the money supply. Both sides of the argument produced endless numbers of econometric studies to show that they were right. This together equally large amount of studies of the interest rate elasticity of money demand got to be the biggest waste of time in the history of the economic profession.

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