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Good deflation - the case of Ireland

Good deflation - the case of Ireland

Deflation can be good or bad. I am sure that our friends in Ireland like this kind of deflation:

More on Laffer's math

More on Laffer's math

I guess that most of my readers have noticed that I have been somewhat upset by Arthur Laffer's attempt to demonstrate that fiscal stimulus doesn't work. While I am certainly very skeptical about how fruitful fiscal stimulus will be I was not impressed with Laffer's "evidence" that fiscal stiumulus does not work. I did, however, not plan to write more on this - as I certainly do not want to promote fiscal easing anywhere and find this fiscal issue somewhat boring and irrelevant for understanding the present crisis - but then I got an interesting email from Jim Allbery.

More on Laffer and Estonia - just to get the facts right

More on Laffer and Estonia - just to get the facts right

Arthur Laffer's recent piece in the Wall Street Journal on fiscal stimulus has generated quite a stir in the blogosphere - with mostly Keynesians and Market Monetarists coming out and pointing to the blatant mistakes in Laffer's piece. I on my part I was particularly appalled by the fact that Laffer said Estonia, Finland, Slovakia and Ireland had particularly Keynesian policies in 2008.  In my previous post I went through why I think Laffer's "analysis" is completely wrong, however, I did not go into details why Laffer got the numbers wrong. I do not plan to go through all Laffer's mistakes, but instead I will zoom in on Estonian fiscal policy since 2006 to do some justice to the fiscal consolidation implemented by the Estonian government in 2009-10.

Welcome on board James Pethokoukis

Welcome on board James Pethokoukis

Take a look at these articles from the American Enterprise Institute's James Pethokoukis:

Friedman, Schuler and Hanke on exchange rates - a minor and friendly disagreement

Friedman, Schuler and Hanke on exchange rates - a minor and friendly disagreement

Before Arthur Laffer got me very upset on Monday I had read an excellent piece by Kurt Schuler on Freebanking.org about Milton Friedman's position on floating exchange rates versus fixed exchange rates.

Arthur Laffer you're embarrassing yourself

Arthur Laffer you're embarrassing yourself

During George W. Bush's years as president I most say that I lost a lot of respect for Paul Krugman. It was very clear that he was suffering from what Charles Krauthammer called the "Bush Derangement Syndrome" (BDS). BDS undoubtedly made Krugman write crackpot articles about all kind of subjects. Krugman for example on numerous occasions has argued in favour of protectionism - something the pre-Bush Krugman would never have done.

Guest post: Yes Lars, inflation is always and everywhere a monetary phenomenon (By Jens Pedersen)

Guest post: Yes Lars, inflation is always and everywhere a monetary phenomenon (By Jens Pedersen)

Guest post: Yes Lars, inflation is always and everywhere a monetary phenomenon

Cochrane's inconsistencies

Cochrane's inconsistencies

I just came across a couple of weeks old post from John Cochrane's blog. Cochrane seems to be very upset about the calls for easier monetary policy in the euro zone. Let's just say it as it is. Even though Cochrane is a professor at the University of Chicago he is certainly not a monetarist. It is sad how the University of Chicago has totally abandoned its proud monetarist traditions.

Finding wisdom in letters to The Economist

Finding wisdom in letters to The Economist

It is always a pleasure to read The Economist. Normally, however, I do not find the letters to the editor especially interesting. However, when I picked up this week’s edition of the magazine today I stumbled on an interesting letter from Paul DeRosa. Mr. DeRosa writes about what Milton Friedman might have thought of the present crisis.

The luck of the ‘Scandies’

The luck of the ‘Scandies’

This week we are celebrating Milton Friedman’s centennial. Milton Friedman was known for a lot of things and one of them was his generally skeptical view of pegged exchange rates. In his famous article "The Case for Flexible Exchange Rates" he argued strongly against pegged exchange rates and for flexible exchange rates.

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