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Japan: It's domestic demand, stupid

Japan: It's domestic demand, stupid

I have been reading the reports on the Japanese trade data for April, which have been published this morning. The reporting is extremely telling about how most journalists (and economists!) fail to understand what is going on in Japan (the markets understand perfectly well - Nikkei is nicely up this morning).

BIS is fearful of bubbles, but is not always right (remember the gold standard?)

BIS is fearful of bubbles, but is not always right (remember the gold standard?)

I think there is a bubble in bubble fears. This is particularly the the case for central bankers and institutional monetary institutions.

Richard Fisher and the "working men and women of America"

Richard Fisher and the "working men and women of America"

This is Richard Fisher, President of Federal Reserve Bank of Dallas:

Toilet paper shortage is always and everywhere a monetary phenomenon
Guest post: Central bankers should watch the Eurovision (by Jens Pedersen)

Guest post: Central bankers should watch the Eurovision (by Jens Pedersen)

Guest post: Central bankers should watch the Eurovision

The monetary transmission mechanism in a 'perfect world'

The monetary transmission mechanism in a 'perfect world'

I fundamentally think that what really sets Market Monetarism aside from other macroeconomic schools it how we see the monetary transmission mechanism. I this blog post I will try to describe how I think the monetary transmission mechanism would look like in a ‘perfect world’ and how in such a perfect world the central bank basically would do nothing at all and changes in monetary conditions would be nearly 100% determined by market forces.

Russia's slowdown - another domestic demand story

Russia's slowdown - another domestic demand story

Today I am in to Moscow to do a presentation on the Russian economy. It will be yet another chance to tell one of my pet-stories and that is that growth in nominal GDP in Russia is basically determined by the price of oil measured in rubles. Furthermore, I will stress that changes in the oil price feeds through to the Russian economy not primarily through net exports, but through domestic demand. This is what I earlier have termed the petro-monetary transmission mechanism.

Lower (supply) inflation is NOT a reason to ease US monetary policy
We told you so - the two graph version

We told you so - the two graph version

The Market Monetarist "textbook" will tell you two things:

Bennett McCallum told "my" Kuroda story a decade ago

Bennett McCallum told "my" Kuroda story a decade ago

From to time I will make an argument and then later realize that it really wasn't my own independently thought out argument, but rather a "reproduction" of something I once read. Often it would be Milton Friedman who has been my inspiration, however, Friedman is certainly not my only inspiration.

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