ALL BLOG POSTS
Pele, star of the New York Cosmos, is a study of intensity as he tries to control the ball near the Connecticut Bicentennials goal in the second half on Sunday, August 1, 1977 in East Rutherford, New Jersey at Giants Stadium. Sunday was Pele?s last appearance before the home fans in a regularly scheduled North American Soccer League game. He should appear in several playoff games at the Stadium however and in an exhibition game in which he will also play for his old Brazilian team, Santos. (AP Photo/ Ray Stubblebine)
The Economist is clearly the best magazine on economics, politics and finance in the world. The magazine has now formally joined the Market Monetarists in formally endorsing NGDP targeting - at least for the UK.
Charles Goodhart undoubtedly is one of the leading authorities on monetary policy, theory and history in the world. So when he comes out and speak out against NGDP level targeting he deserves an answer.
The answer to the question of course is no, but let me tell the story anyway. It is a story about positive supply shocks, inflation targeting, relative inflation and bubbles.
Our good friend and Market Monetarist Niklas Blanchard is blogging again. See his excellent new post on "What Does the Market Know that John Taylor Knows that the Market Knows?"
Today I participated in a very interesting conference organized by the Danish Institute for International Studies on "Central Banking at a Crossroads: Europe and Beyond". So far the conference has been extremely good despite the fact that I disagreed with most of what I heard all day. I could write a long post on my reflections on today's conference, but instead I will just give you the seven headline on papers or blog posts I would like to have written today. Here they are:
The continued sharp weakening of the Japanese yen is beginning to worry policy makers (and commentators) in South East Asian and that is especially the case in South Korea. Just see this comment from Andy Mukherjee over at Reuters Breakingviews:
Take a look at this "Phillips" curve for India (its not really a real Phillips curve - as it is the relationship between annual real GDP growth and inflation):