ALL BLOG POSTS
Nearly a year ago I in a response to Fed Chair Janet Yellen’s apparent concerns over the valuation of the US stock market argued – echoing Irving Fisher’s ill-fated views from 1929 – that the US stock market had reached a “permanently high plateau”.
Scott Sumner a couple of days ago wrote a post on the what he believes is a Great Stagnation story for the US. I don't agree with Scott about his pessimism about long-term US growth and I don't think he does a particularly good job arguing his case.
This is from Reuters:
Oops I did it again – this time I talk to my phone about monetary policy in the Gulf States and my suggestion that these countries should peg their currencies to the oil price or a basket of the oil price and the US dollar. This is of course what I have suggested should be termed the Export Price Norm (EPN). Have a look here.
St. Louis Federal Reserve president James Bullard just came out in support of nominal GDP targeting - or rather he has co-authored a rather interesting new Working Paper, which concludes that NGDP targeting under some circumstances would be the best policy to pursue.
I am writing this on an American designed computer - probably assembled somewhere in China.
The Greek Finance Minister Yanis Varoufakis has a new article for Project Syndicate. He is making a point that Market Monetarists have been making since the outbreak of the euro crisis - it is not really a 'debt crisis', but rather a monetary crisis.
Yes I readily admit it - I am begining to like to talk to my phone but obviously this might just be plain silly - talking about the Polish economy while on an escalator in Copenhagen airport.
It is Sunday morning and I really shouldn't be blogging, but I just have time to share a couple of working papers with you.
The global stock markets have been facing some headwinds recently, and there may be numerous reasons for this. One obvious one is the recent rebound in oil prices, which I believe is essentially driven by markets’ expectation that the Saudi-led global oil price war is now ending.