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It is time to get government out of US housing finance

It is time to get government out of US housing finance

Scott Sumner has a great post on the very scary state of US housing finance. This is something that many Europeans might not realise, but when it comes to housing finance the US is likely one of the most socialist countries among the developed economies of the world.

Let me say it again - The Kuroda recovery will be about domestic demand and not about exports

Let me say it again - The Kuroda recovery will be about domestic demand and not about exports

This morning we got strong GDP numbers from Japan for Q1. The numbers show that it is primarily domestic demand - private consumption and investment - rather than exports, which drive growth.

The monetary transmission mechanism - causality and monetary policy rules

The monetary transmission mechanism - causality and monetary policy rules

Most economists pay little or no attention to nominal GDP when they think (and talk) about the business cycle, but if they had to explain how nominal GDP is determined they would likely mostly talk about NGDP as a quasi-residual. First real GDP is determined - by both supply and demand side factors - and then inflation is simply added to get to NGDP.

It was monetary policy failure - also in Romania

It was monetary policy failure - also in Romania

My friend Florin Citu has a new blog post on monetary policy failure in Romania.

Gary Becker has died. Long live economic imperialism!

Gary Becker has died. Long live economic imperialism!

As geopolitical tensions in Ukraine have been rising I have found myself thinking about the impact of such events on markets and economies. One thing is to understand what is actually going on and another thing is to understand the economics of such events. How are geopolitical tension or terror impacting investment and consumption decision?

Monetary sovereignty is incompatible with inflation targeting

Monetary sovereignty is incompatible with inflation targeting

When I started working in the financial sector nearly 15 years ago – after 5 years working for government – one thing that really puzzled me was how my new colleagues (both analysts and traders) where thinking about exchange rates.

How Stan Fischer predicted the crisis and saved Israel from it

How Stan Fischer predicted the crisis and saved Israel from it

Today I talked to an Israeli friend about the state of the Israeli economy and particularly about the importance of monetary policy. One can really characterise the Israeli economy as being 'boring' in the sense that growth, inflation and markets have been quite stable in recent years - despite of the "normal" political (and geopolitical) uncertainty in Israel.

Nouriel Roubini - or rather Googles searches for his name - says the crisis is over

Nouriel Roubini - or rather Googles searches for his name - says the crisis is over

Some economists get the reputation of always being negative (or positive). I myself have been struggling with that imagine, but have been trying to get rid of it - If you are constantly bearish on the world you will often be wrong. However, ultra-bearishness can be a good "media strategy". Somebody who is known as an über-bear Nouriel Roubini aka Dr. Doom.

Echoes from the past - how Molotov declared war on Poland in 1939

Echoes from the past - how Molotov declared war on Poland in 1939

I got this from Erwan Mahé's excellent newsletter Thaler's Corner:

Mark Perry on the ‘Collected Works of Milton Friedman’ project

Mark Perry on the ‘Collected Works of Milton Friedman’ project

Mark Perry at the American Enterprise Institute provides a great overview of the Hoover Institution’s “Collected Works of Milton Friedman”.

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