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Having fun with structural VAR models and the importance of monetary policy rules

Having fun with structural VAR models and the importance of monetary policy rules

I am deeply skeptical about how much we can learn from econometrics, but if you do it right doing econometric studies can sometimes be an worthwhile effort.

Michael Darda on Bloomberg radio

Michael Darda on Bloomberg radio

Michael Darda is not only a nice guy - he is also clever. But frankly speaking it is a bit boring always being in agreement with him.

It's Frankfurt that should be your worry - not Rome

It's Frankfurt that should be your worry - not Rome

This week investors have been spooked by the election outcome in Italy, but frankly speaking is there anything new in that shady characters are doing well in an Italian election? Is there anything new in a hung parliament in Italy? Nope, judging from post-WWII Italian political history this is completely normal. Ok, Italian public finances is a mess, but again that not really news either.

Bernanke knows why 'currency war' is good news - US lawmakers don't
What Bernanke could say to shield the US from spill-over from Italy

What Bernanke could say to shield the US from spill-over from Italy

This is what Bernanke could (or rather should) say about Italian events:

 News of Berlusconi once again slipped into the financial section
Working paper of the day - Straumann et al on Switzerland, the Great Depression and the gold standard

Working paper of the day - Straumann et al on Switzerland, the Great Depression and the gold standard

A couple of weeks ago I came across a great paper by Peter Rosenkranz, Tobias Straumann and Ulrich Woitek - "A Small Open Economy in the Great Depression: the Case of Switzerland". It is great paper. Here is the abstract:

I don't care who becomes BoJ governor - I want better monetary policy rules

I don't care who becomes BoJ governor - I want better monetary policy rules

UPDATE: I have edited my post significantly - I misread what Scott really said. That is the result of writing blog posts very early in the morning after sleeping too little. Sorry Scott...

Bob Murphy on Minimum wages and a textbook graph to illustrate it

Bob Murphy on Minimum wages and a textbook graph to illustrate it

One of the unfortunate consequences of this crisis is increased political backing for "reforms" that have negative impact on aggregate supply. In the US in the 1930s it was the horrible National Industrial Recovery Act (NIRA) and in today's US it is higher minimum wages. I find it incredible that anybody seriously would question the negative supply side consequences of higher minimum wages. This is not a political issue, but a simple question of understanding the laws of supply and demand.

Is Norges Bank targeting nominal GDP?

Is Norges Bank targeting nominal GDP?

Is the Norwegian central bank - Norges Bank - targeting nominal GDP? Probably not, but this presentation by Norges Bank governor Øystein Olsen is nonetheless interesting.

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