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Robin Hanson’s brilliant idea for central bank decision-making

Robin Hanson’s brilliant idea for central bank decision-making

George Mason University professor Robin Hanson in my view is one of the most thought-provoking and innovative thinkers in the world. I often read Hanson’s blog Overcoming Bias and I always find my own views challenged and even though Hanson’s views often seem outrageous they surely make you think and personally I often conclude that Hanson is right.

Market Monetarism vs Krugmanism

Market Monetarism vs Krugmanism

Here is an interesting comment from 'JJA' over at Scott Sumner's blog:

Guest blog: The Integral Reviews: Paper 3 - Hall (2009)

Guest blog: The Integral Reviews: Paper 3 - Hall (2009)

Guest blog - The Integral Reviews: Paper 3 - Hall (2009)

Christensen's "postmodernist mind fuck"

Christensen's "postmodernist mind fuck"

I have now been blogging since early October last year and I truly enjoy it. Most of my readers seem to be happy about what I write and I believe that most of my readers and commentators are quite Market Monetarist sympathies. However, there is one exception - lefty blogger Mike Sax. Yes, I called him lefty - I don't think Mike would not disagree with this (if he called me a libertarian that would not make me angry either...). Mike is actually reading the Market Monetarist blogs and I think he pretty much understands what we are talking about. I will readily acknowledge that despite the fact that I probably disagree with 99% of what he has to say about economics and monetary theory.

Evans-Pritchard on the Latin Bloc’s “monetarist avenger”

Evans-Pritchard on the Latin Bloc’s “monetarist avenger”

The resident market monetarist at Britain’s Daily Telegraph Ambrose Evans-Pritchard has a comment on European monetary policy under the leadership of the new ECB chief Mario Draghi.

Guest blog: Why Price-Level Targeting Pareto Dominates Inflation Targeting (By David Eagle)

Guest blog: Why Price-Level Targeting Pareto Dominates Inflation Targeting (By David Eagle)

Guest blog: Why Price-Level Targeting Pareto Dominates Inflation Targeting

Prediction markets and government budget forecasts

Prediction markets and government budget forecasts

Recently I have had a couple of posts (here and here) on biases in the forecasts of policy makers and why central banks and governments should use prediction markets to do forecasting instead of relying on in-house forecasts that might or might not be biased due to for example political pressures.

Please fasten your seatbelt and try to beat the market

Please fasten your seatbelt and try to beat the market

Scott Sumner and other Market Monetarists (including myself) favour the use of NGDP futures to guide monetary policy. Other than being forward-looking a policy based on market information ensures that the forecast of the future development is not biased – in the market place biases will cost you on the bottom-line. Similarly, I have earlier suggested that central banks should use prediction markets to do forecasting rather rely on in-house forecasts that potentially could be biased due to political pressures.

Let the Fed target a Quasi-Real PCE Price Index (QRPCE)

Let the Fed target a Quasi-Real PCE Price Index (QRPCE)

The Federal Reserve on Wednesday said it would target a long-run inflation target of 2%. Some of my blogging Market Monetarist friends are not too happy about this – See Scott Sumner and Marcus Nunes. But I have an idea that might bring the Fed very close to the Market Monetarist position without having to go back on the comments from Wednesday.

Dinner with Bob Chitester

Dinner with Bob Chitester

I don't have a lot of time for blogging this week as I will be busy with a number of dinner arrangements - both fun and business.

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