ALL BLOG POSTS

Guest post: Nick Rowe, Barter, and Free Banking (By Lee Kelly)

Guest post: Nick Rowe, Barter, and Free Banking (By Lee Kelly)

I have for some time wanted the young and talented Lee Kelly to write a guest post for The Market Monetarist. I am happy that he now has done so. Anybody who follows the market monetarist blogs will be familiar with Lee’s name and his always insightful comments.

The worst central banker in the world

The worst central banker in the world

Zimbabwean central bank governor Gideon Gono has long held the title as the worst central banker in the world. However, I would suggest there might be a new candidate - Argentine central bank governor Mercedes Marcó del Pont.

Boettke and Smith on why we are wasting our time

Boettke and Smith on why we are wasting our time

I am beginning to get a serious problem in keeping up with all the interesting papers, which are being published at the moment. The latest paper that I clearly have to read is a rather impressive paper (124 pages!) by Peter Boettke and Daniel Smith.

The Close Connection Between Evan Koenig and Market Monetarism

The Close Connection Between Evan Koenig and Market Monetarism

Evan Koenig - who is a long-time defender of NGDP targeting - is out with a new paper: "All in the Family: The Close Connection Between Nominal-GDP Targeting and the Taylor Rule"Evan of course is a Senior Economist and Vice President at the Dallas Fed.

Marek Belka suggests dual currency solution for Greece

Marek Belka suggests dual currency solution for Greece

In today's edition of Financial Times Deutschland Polish central bank governor and former Director of IMF's Europe department Marek Belka calls for Greece to introduce a dual currency system (See here). Belka clearly acknowledges in the monetary aspects of the European crisis including the Greek crisis.

Military dictators are independent as well...

Military dictators are independent as well...

Over the last couple of decades independent central banks have become the norm and it is seen as dangerous if politicians threaten the independence of the central banks. Judging from the short-termism of politicians this in many ways makes perfectly good sense and any modern economist would acknowledge that central bank independence is a good way to ensure a rules based monetary policy - contrary to they discretionary monetary policies normally dominating politicized central banks.

The missing equation

The missing equation

Scott Sumner has written dozens of blog posts trying to explain to why the fiscal multiplier is zero if the central bank targets the NGDP level, the price level or inflation. Said in another way Scott – as do I – strongly believe that the impact of fiscal policy strongly dependent the monetary policy reaction to fiscal tightening or fiscal easing (Even today Scott has a discussion of the fiscal multiplier). In fact I don’t even think it is meaningful to talk about fiscal policy as something that can “stimulate” demand. Hence, in a pure barter economy we cannot imagine fiscal policy having any impact on demand as demand always will equal supply in a barter economy. The famous Say’s Law holds in a barter economy and as such there would be full crowding out of fiscal policy. Hence, fiscal policy will only have an impact on demand if monetary policy “plays along”.

Guest post: Central Banks Should Quit “Kicking Them While They Are Down!" (by David Eagle)

Guest post: Central Banks Should Quit “Kicking Them While They Are Down!" (by David Eagle)

Guest post: Central Banks Should Quit “Kicking Them While They Are Down!"

Will Draghi's LTRO get Obama reelected?

Will Draghi's LTRO get Obama reelected?

Following the US media's reporting on the Republican primaries it seems like the candidate who will be nominated for the GOP candidacy for US presidency and who will eventually might win the presidential elections will be decided by their views about a retro-toy called  Etch A SketMight I suggest that US political pundits instead start following the actions of an Italian called Mario - Mario Draghi!

Remember the mistakes of 1937? A lesson for today's policy makers

Remember the mistakes of 1937? A lesson for today's policy makers

Since the ECB introduced it's 3-year LTRO on December 8 the signs that we are emerging from the crisis have grown stronger. This has been visible with stock prices rebounding strongly, long US bond yields have started to inch up and commodity prices have increased. This is all signs of easier monetary conditions globally.

Items 871 to 880 of 1201 total

Show per page