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Expectations and the transmission mechanism - why didn't anybody think of that before?

Expectations and the transmission mechanism - why didn't anybody think of that before?

As I was writing my recent post on the discussion of the importance of expectations in the lead-lag structure in the monetary transmission mechanism I came think that is really somewhat odd how little role the discussion of expectations have had in the history of the theory of transmission mechanism .

Jason finds (one of) Friedman's gems

Jason finds (one of) Friedman's gems

Here is Jason Rave over at Macro Matters on "History's Lessons":

Long and variable leads and lags

Long and variable leads and lags

Scott Sumner yesterday posted a excellent overview of some key Market Monetarist positions. I initially thought I would also write a comment on what I think is the main positions of Market Monetarism but then realised that I already done that in my Working Paper on Market Monetarism from last year - "Market  Monetarism - The  Second  Monetarist  Counter-­revolution"

Bring on the "Currency war"

Bring on the "Currency war"

I have been giving the issue of devaluation a bit of attention recently. In my view most people fail to understand the monetary aspects of currency moves - both within a floating exchange rate regime and with managed or pegged exchange regimes.

Mises was clueless about the effects of devaluation

Mises was clueless about the effects of devaluation

Over at the Ludwig von Mises Institute's website they have reproduced a comment from good old Ludwig von Mises on "The Objectives of Currency Devaluation" from Human Action. I love Human Action and there is no doubt Ludwig von Mises was a great economist, but to be frank when it comes to the issue of devaluation he was basically clueless. Sorry guys - his views on this issue are not too impressive.

Christina Romer is also in love with Milton Friedman

Christina Romer is also in love with Milton Friedman

Our friend  has an interesting quote from Christina Romer on The Daily Beast:

Mario, Tim and me...
A personal tribute to Milton Friedman

A personal tribute to Milton Friedman

The Danish free market think tank CEPOS will later in the spring republish the Danish edition of Milton Friedman’s Free to Choose. I am extremely honoured that the good people at CEPOS have asked me to write the preface for “Det Frie Valg” as “Free to Choose” is known in Danish.

Some wise words from Croatia

Some wise words from Croatia

Here is a memorable quote from Darko Oračić - one of my readers in Croatia:

NGDP level targeting and the Fed's mandate

NGDP level targeting and the Fed's mandate

Renee Haltom has an interesting article in the recent edition of Richmond's Fed's magazine Region Focus on "Would a LITTLE inflation produce a BIGGER recover?".

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