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Googlenomics and how LTRO might have ended the euro crisis

Googlenomics and how LTRO might have ended the euro crisis

Market Monetarists like David Beckworth have long argued that the European crisis is not really a debt crisis or a fiscal crisis, but rather a nominal crisis. The crisis has been triggered not by too much debt, but rather than by overly tight monetary policy and the resulting drop in nominal GDP.

Clark Warburton: A much overlooked monetarist pioneer

Clark Warburton: A much overlooked monetarist pioneer

When I started this blog it was my plan to write a lot about Clark Warburton. I must admit I have failed to do this, but I still hope to be able to give Clark Warburton the attention he deserves.

Christopher Adolph on the politics of central banking

Christopher Adolph on the politics of central banking

Yesterday I put out a post about central bankers as Niskanen style bureaucrats. I decided that I would look a bit more into the topic. In my browsing for more on this topic a ran into a (revised?) Ph.D. dissertation by Christopher Adolph who is now an assistant professor of political science at the University of Washington, Seattle.The title of the disserttion is "The Dilemma of Discretion: Career Ambitions and the Politics of Central Banking"

New TV Series celebrating Milton Friedman

New TV Series celebrating Milton Friedman

A new TV series from PBS will be celebrating Milton Friedman. Have a look at the trailer. I am surely looking forward to this!

What can Niskanan teach us about central bank bureaucrats?

What can Niskanan teach us about central bank bureaucrats?

 Numerous studies have shown that prediction markets performs remarkably well. For example prediction markets consistently beats opinion polls in predicting the outcome of elections. In general the wisdom of crowds is an extremely powerful tool for forecasting and there no doubt the markets are the best aggregators of information known to man.

Maybe Scott should talk about Hayek instead of EMH

Maybe Scott should talk about Hayek instead of EMH

Every other month or so Scott Sumner writes a defence of the so-called Efficient Market Hypothesis. I have noticed that the commentators already react quite aggressively to Scott’s unwavering support of EMH and my own personal experience is that people – especially people who themselves are active in the financial markets – will strongly oppose the idea of efficient markets.

Are we overly focused on nominal issues?

Are we overly focused on nominal issues?

Here is Trevor Adcock in answer to my previous post on “Regime Uncertainty”:

”Regime Uncertainty” – a Market Monetarist perspective

”Regime Uncertainty” – a Market Monetarist perspective

My outburst over the weekend against the Rothbardian version of Austrian business cycle theory was not my normal style of blogging. I normally try to be non-confrontational in my blogging style. Krugman-style blogging is not really for me, but I must admit my outburst had some positive consequences. Most important it generated some good – friendly - exchanges with Steve Horwitz and other Austrians.

Boettke's important Political Economy questions for Market Monetarists

Boettke's important Political Economy questions for Market Monetarists

Peter Boettke over at Coordination Problem a post in which he challenge Market Monetarists to think about some political economy questions.

Josh Hendrickson shows that the Fed targeted NGDP growth

Josh Hendrickson shows that the Fed targeted NGDP growth

I have previously quoted Alan Greenspan for saying the following at a FOMC meeting in 1992:

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