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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.
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.
I am going to keep this short and make just a few observations.
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.
I am continuing my reporting on my survey of monetary thinkers' book recommendations for students of monetary matters. The next "victim" is Scott Sumner and lets jump right into it. Here is Scott's book list:
It is sunny this morning in Skyrup and we are planning a daytrip to Kristianstad. The Danish king Christian IV founded the city of Kristianstad in 1614. We might be in Sweden, but Kristianstad still has its old Danish name and the Danish heritage is visible everywhere - including in the city’s Coat of Arms. Notice the C4 for Christian IV. Notice also the Swedish colours. This is true Skåne - combining Danish and Swedish. I like that.
It is vacation time for the Christensen family. We are in the Christensen vacation home in Skåne (Southern Sweden) and my blogging might reflect that.
As I wrote in my post on Milton Friedman's "Money Mischief" yesterday I have asked a number of "monetary thinkers" to make a list of around five (or so) books on monetary matters they would recommend for students of economics. I had initially just thought I would make a list of books based on the survey, but it turns out that there is a lot more material than I really had thought about. So I will instead do a number of posts on the book recommendations.
I am in the process of surveying a number of "monetary thinkers" about their favourite books on monetary matters. I hope to do a number of posts on the survey results.