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Soon everybody will be scared about 'currency war' again - we should be celebrating

Soon everybody will be scared about 'currency war' again - we should be celebrating

With the dollar continuing to strengthen and now the Japanese yen starting to take off as well central bankers in the US and Japan are likely increasingly becoming worried about the deflationary tendencies of stronger currencies and recent comments from both countries' central banks indicate that they will not allow their currencies to strengthen dramatically if it where to become deflationary.

The Fed was targeting the Labor Market Conditions Index 30 years before it was invented

The Fed was targeting the Labor Market Conditions Index 30 years before it was invented

Today the Federal Reserve published its much-hyped new Labor Market Conditions Index (LMCI).

Leland Yeager at 90 - happy birthday

Leland Yeager at 90 - happy birthday

Today Leland Yeager is turning 90. Happy birthday!

Did Scotland avoid a Puerto Rican style crisis by voting "No" to independence?
When central banks ignore the Tinbergen rule - the case of RBNZ

When central banks ignore the Tinbergen rule - the case of RBNZ

The news from the global currency markets this morning:

The dollar rally is testing the Fed's credibility

The dollar rally is testing the Fed's credibility

The dollar has continued to strengthen since early July - just take a look at the graph below:

There is no bond market bubble

There is no bond market bubble

Bubbles, bubbles, everywhere bubbles. There is a lot of talk about bubbles among commentators and central bankers. One of the most common bubble fears is a fear of a bubble in the US bond market (just take a look at this recent "bond bubble"-story). Generally I am very skeptical about all kinds of bubble fears and that also goes for the fear of a bubble in the US bond market.

The Mankiw-Darda rule tells the Fed to wait a bit with hikes

The Mankiw-Darda rule tells the Fed to wait a bit with hikes

Greg Mankiw has a blog post commenting on my previous post on the so-called Mankiw rule.

Mankiw rule tells the Fed to tighten

Mankiw rule tells the Fed to tighten

The most famous monetary policy rule undoubtedly is the so-called Taylor rule, which basically tells monetary policy makers to set the key monetary policy interest rates as a function of on the one hand the inflation rate relative to the inflation target and on the other hand the output gap.

Certainly not perfect, but Fed policy is not worse than during the Great Moderation (an answer to Scott Sumner)

Certainly not perfect, but Fed policy is not worse than during the Great Moderation (an answer to Scott Sumner)

Scott Sumner has replied to my previous post in which I argued that the Federal Reserve de facto has implemented a 4% NGDP level targeting regime (without directly articulating it).

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