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The reason Mario Monti is beginning to sound (very) desperate

The reason Mario Monti is beginning to sound (very) desperate

When the eurocrat Mario Monti became Prime Minister last year we were told that he was the man to turn around the Italian economy. We were told that technocrats would do the job rotten and incompetent politicians were not able to do. However, the eurocrat Papademos did not last long in Greece and now Mario Monti is beginning to sound rather desperate. On Thursday he told reporters that EU policy makers had one week to save the euro. That is somewhat of a stern warning from somebody who is supposed to be a cool-headed technocrat.

Guest post: Why "Integral" is wrong about Price Level Targeting (by J. Pedersen)

Guest post: Why "Integral" is wrong about Price Level Targeting (by J. Pedersen)

I have always said that my blog should be open to debate and I am happy to have guest posts from clever and inlighted economists (and non-economists) about monetary matters. I am therefore delighted that my good friend and colleague Jens Pedersen (I used to be his boss...) has offered to write a reply to "Integral's" post on price level targeting versus NGDP level targeting. Jens who recently graduated from University of Copenhagen. His master thesis was about Price Level Targeting.

Guest post: Measuring the stance of monetary policy through NGDP and Prices (by "Integral")

Guest post: Measuring the stance of monetary policy through NGDP and Prices (by "Integral")

Guest post: Measuring the stance of monetary policy through NGDP and Prices

The ECB has the model to understand the Great Recession - now use it!

The ECB has the model to understand the Great Recession - now use it!

By chance I today found an ECB working paper from 2004 - "The Great Depression and the Friedman-Schwartz hypothesis" by Christiano, Motto and Rostagno.

Vince Cable gives me hope

Vince Cable gives me hope

It is very easy to get frustrated about the discussion of monetary policy in today’s world. However, this morning we got something to cheer about as Vince Cable British Minister for Business, Innovation and Skills gave a speech on the UK recovery in the 1930s and the parallels to today’s crisis at the think tank Centre Forum. The entire speech is very uplifting.

Britmouse just came up with the coolest idea of the year

Britmouse just came up with the coolest idea of the year

Our good friend and die hard British market monetarist Britmouse has a new post on his excellent blog Uneconomical. I think it might just be the coolest idea of the year. Here is Britmouse:

Jeff Frankel restates his support for NGDP targeting

Jeff Frankel restates his support for NGDP targeting

It is no secret that I have been fascinated by some of Havard professor Jeff Frankel's ideas especially his idea for Emerging Markets commodity exporters to peg the currency to the price of their main export (PEP). I have written numerous posts on this (see below) However, Frankel is also a long-time supporter of NGDP target and now he has restated is his views on NGDP targeting.

Remember the last time Greece was kicked out of a monetary union?

Remember the last time Greece was kicked out of a monetary union?

Speculation about a Greek exit for the euro zone continues ahead of the weekend's Greek parliament elections. If Greece leaves the euro (or is kicked out) then it will not be the first time Greece has been forced out of a currency union.

Bloomberg TV interview with Michael Darda

Bloomberg TV interview with Michael Darda

Here is a nice little interview with Michael Darda. Michael is 100% market monetarist and I find it hard to disagree with anything he is saying.

Denmark and Norway were the PIIGS of the Scandinavian Currency Union

Denmark and Norway were the PIIGS of the Scandinavian Currency Union

As the euro crisis continues speculation of an eventual break-up of the euro also continues. There are numerous examples in monetary history of currency unions breaking up. One is the breakup of the Scandinavian Currency Union in 1924.

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