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"We refuse to let Detroit (and Egypt) go bankrupt"

"We refuse to let Detroit (and Egypt) go bankrupt"

The big story of the week in the US has undoubtedly been the bankruptcy of the city of Detroit. I should stress that I have next to no insight into Detroit's fiscal situation. However, the bankruptcy is nonetheless a reminder of the risks moral hazard.

Too easy AND too tight - the RBI's counterproductive stop-go policies

Too easy AND too tight - the RBI's counterproductive stop-go policies

Only a couple of days ago I was complaining that the Turkish (and the Polish) central bank(s) have been intervening in the currency markets. My complains of the Turkish central bank's fear-of-floating and what seemed to be politically motivated monetary operations were then followed by the Brazilian central bank that hiked interest rates - officially to curb inflationary pressures, but what to me very much looked like an effort to prop up the Brazilian real.

US capital spending and a lesson in the monetary transmission mechanism
Unfocused vacation musings – part 4

Unfocused vacation musings – part 4

It is still vacation time for the Christensen family. So far we have been extremely lucky with the weather in Skåne in Southern Sweden. There has also been time for a bit of blogging. So here are a bit more random and disorganised thoughts on money and the world in general – actually not too much on money. So consider this yet another attempt to throw a curveball.

Leland Yeager wrote the best monetarist (text)book

Leland Yeager wrote the best monetarist (text)book

In my recent post about Keynes' "A Tract on Monetary Reform" I quoted Brad Delong for saying that Tract is the best monetarist book ever written. I also wrote that I disagreed with Brad on this.

A Hayekian coup in Egypt?

A Hayekian coup in Egypt?

(Warning: This has nothing to do with monetary policy issues)

The PBoC's monetary supremacy over Brazil (but don't blame the Chinese)

The PBoC's monetary supremacy over Brazil (but don't blame the Chinese)

Brazilian Finance Minister Guido Mantega likes to blame the Federal Reserve (and the US in general) for most evils in the Brazilian economy and he has claimed that the fed has waged a 'currency war' on Emerging Market nations.

The antics of FX intervention - the case of Turkey

The antics of FX intervention - the case of Turkey

I have often been puzzled by central banks' dislike of currency flexibility. This is also the case for many central banks, which officially operating floating exchange rate regimes.

Unfocused vacation musings on money – part 3

Unfocused vacation musings on money – part 3

I am going to keep this short and make just a few observations.

PBoC governor Zhou Xiaochuan should give Jeff Frankel a call (he is welcome to call me as well)

PBoC governor Zhou Xiaochuan should give Jeff Frankel a call (he is welcome to call me as well)

Jeffrey Frankel of course is a long-term advocate of NGDP targeting, but recently he has started to advocate that if central banks continue to target inflation then they should target producer prices (the GDP deflator) rather than consumer prices. As anybody who reads this blog knows I tend to agree with this position.

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