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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.

Dear Milton

Dear Milton

Happy birthday. I am sure that you are celebrating it with your beloved wife Rose in economist heaven.

Remember when economists were writing books about sumo wrestlers and pirates?

Remember when economists were writing books about sumo wrestlers and pirates?

I just took out a few books from my bookshelf. What do you think when you see the titles of these books:

Forget about East African Monetary Union - let the M-pesa do the job

Forget about East African Monetary Union - let the M-pesa do the job

It is not only in Europe that the idea of currency union has considerable political backing. This is certainly also the case in Africa. In fact there is already de facto a currency union (officially two currency unions) in Central and Western Africa in the form of the two CFA franc zones. Furthermore, there are also discussions about currency unions in Eastern Africa and in Southern Africa.

Draghi and European dollar demand - an answer to JP Irving's puzzle

Draghi and European dollar demand - an answer to JP Irving's puzzle

Yesterday, ECB chief Mario Draghi hinted quite clearly that monetary easing would be forthcoming in the euro zone. In fact he said the ECB would do everything to save the euro. However, something paradoxical happened on the back of Draghi's comments. Here is JP Irving on his blog Economic Sophisms:

Did Casey Mulligan ever spend any time in the real world?

Did Casey Mulligan ever spend any time in the real world?

University of Chicago economics professor Casey Mulligan has a new comment on Economix. In his post "Who cares about Fed funds?" Mulligan has the following remarkable quote:

Between the money supply and velocity - the euro zone vs the US

Between the money supply and velocity - the euro zone vs the US

When crisis hit in 2008 it was mostly called the subprime crisis and it was normally assumed that the crisis had an US origin. I have always been skeptical about the US centric description of the crisis. As I see it the initial “impulse” to the crisis came from Europe rather than the US. However, the consequence of this impulse stemming from Europe led to a “passive” tightening of US monetary conditions as the Fed failed to meet the increased demand for dollars.

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