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A dollar-based Free Banking system: The way to nominal stability in Argentina

A dollar-based Free Banking system: The way to nominal stability in Argentina

Inflation is skyrocketing in Argentina and the country seems unable to ever maintaining any form of nominal stability. In my view the problem with lack of nominal stability in Argentina is, however, not fundamentally monetary - it is rather a constitutional problem. Hence, it seems like the country's politicians are able to make the decisions that are necessary to maintain monetary stability.

I simply have to read Adam Tooze's new book

I simply have to read Adam Tooze's new book

Adam Tooze is one of my favorite historians and I have often written about his fantastic book Wages of Destruction. It is an amazing book about the Nazi time German economy, which I strongly recommend to anybody who cares about listening to me.

One step closer to euro zone deflation

One step closer to euro zone deflation

This is from CNBC:

The Kuroda boom remains all about domestic demand

The Kuroda boom remains all about domestic demand

Remember when then Bank of Japan last year initiated its unprecedented program of monetary easing most commentators saw that as an attempt to wage currency war to boost Japanese exports? I instead stressed that the "export channel" was not likely to be what would drag Japan out of the deflationary trap. Rather I stressed the importance of domestic demand.

A textbook graph that even Augusto Costa and Cristina Kirchner should be able to understand

A textbook graph that even Augusto Costa and Cristina Kirchner should be able to understand

Argentina is an economic basket case. It is that simple. The country never seems to be able to emerge from its problems. The key reason is that the country is extremely weak constitutionally and institutionally and as a result the country has some of the worst policy makers in Latin America (if not in the world).

The "Weidmann rule" and the asymmetrical budget multiplier (is the euro zone 50% keynesian?)

The "Weidmann rule" and the asymmetrical budget multiplier (is the euro zone 50% keynesian?)

During Christmas and New Years I have been able to (nearly) not think about monetary policy and economics, but I nonetheless came across some comments from Bundesbank chief Jens Weidmann from last week, which made me think about the connection between monetary policy rules and fiscal austerity in the euro zone. I will try address these issues in this post.  

Christmas musings on life, money and blogging

Christmas musings on life, money and blogging

As year is coming to an end I am sure that a lot of you like myself are reflecting on life and the world you live in. Here is a bit of what I have been thinking about this year and about what I think will be my focus in my blogging in the coming year.

Some inspiration for Matt Zwolinski - my suggestion for a Venezuelan Citizen Account

Some inspiration for Matt Zwolinski - my suggestion for a Venezuelan Citizen Account

My recent post on the suggestion for a Basic Income Guarantee (BIG) made me think of an idea I have been toying with for some time on how to privatize natural resources. Specifically I came to think of a suggestion for privatization of the Venezuelan energy sector, which I made some time ago in connection with my post on "A modest proposal for post-Chavez monetary reform in Venezuela".

Imagine that US non-farm payrolls were growing by 400k/month (that is how strong the UK labour market is)

Imagine that US non-farm payrolls were growing by 400k/month (that is how strong the UK labour market is)

My Danske Bank colleague Anders Vestergård Fischer had a fun idea today - he wanted to "translate" the latest UK labour market numbers into something an US audience could understand.

ECB: "We're not sure we can get out of it"

ECB: "We're not sure we can get out of it"

When Milton Friedman turned 90 years back in 2002 Ben Bernanke famously apologized for the Federal Reserve's role in the Great Depression:

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