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Ben maybe you should try "policy futures"?

Ben maybe you should try "policy futures"?

My readers will know that I think that the Federal Reserve has taken a step in the right direction with its latest policy action. I do think that the fed finally after four years of failure is moving towards a more rule based monetary policy. However, it is certainly far from perfect and there is still a lot of risks involved.

BYU radio interview with Christensen

BYU radio interview with Christensen

Here is a recent interview I did with BYU radio while I recently visited Brigham Young University - we talk about the European crisis, but mostly about Milton Friedman.

Bernanke says Friedman would have approved of Fed's recent actions - I think is he more or less right

Bernanke says Friedman would have approved of Fed's recent actions - I think is he more or less right

Ben Bernanke today in a speech further tried to explain the Fed's recent policy actions. As Scott Sumner says in a comment: "The Fed seems to be getting a bit more market monetarist each day". That might be slightly too optimistic of what is going on at the Fed and I remain frustrated about about two things in how Bernanke is communicating. First he is focusing on real variables (the labour market) rather than on nominal variables. Second, his discussion of the monetary transmission mechanism is overly focused on yields and interest rates rather than on money creation. That said, I continue to believe that the Fed is moving in the right direction. Bernanke's speech today is further prove of that and I must say I feel increasingly optimistic that this will pull the US economy out of the crisis.

Bob Hetzel speaking at CEPOS

Bob Hetzel speaking at CEPOS

See Bob Hetzel's recent presentation at the Danish free market think tank CEPOS here.

Markets are telling us where NGDP growth is heading

Markets are telling us where NGDP growth is heading

I am still in Provo Utah and even though I have had a busy time I have watch a bit of Bloomberg TV and CNBC over the last couple of days (to fight my jet lag). I have noticed some very puzzling comments from commentators. There have been one special theme and that has come up again and again over the last couple of days among the commentators on US financial TV and that is that "yeah, monetary easing might be positive for the markets, but it is not have any impact on the real economy". This is a story about disconnect between the economy and the markets.

The Hetzel-Ireland Synthesis

The Hetzel-Ireland Synthesis

I am writing this while I am flying with Delta Airlines over the Atlantic. I will be speaking about the European crisis at a seminar on Friday at Brigham Young University in Provo, Utah.

The (mobile) market just solved Zimbabwe's "coin problem"
An empirical - not a theoretical - disagreement with George, Larry and Eli

An empirical - not a theoretical - disagreement with George, Larry and Eli

Last week George Selgin warned us (the Market Monetarists) about getting to excited about the recent actions of the Federal Reserve. Now fellow Free Banker Larry White raises a similar critique in a post on freebanking.org.

Bernanke, Obama and the political business cycle - and some research ideas

Bernanke, Obama and the political business cycle - and some research ideas

This week I attended a presentation by my good friend and professor of political science at the University Copenhagen Peter Kurrild-Klitgaard about the upcoming US presidential elections. In his presentation Peter presented some of his models for predicting the outcome of US presidential elections.

Kocherlakota's revelation

Kocherlakota's revelation

This is from Bloomberg:

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