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It's time to get rid of the ”representative agent" in monetary theory

It's time to get rid of the ”representative agent" in monetary theory

“Tis vain to talk of adding quantities which after the addition will continue to be as distinct as they were before; one man’s happiness will never be another man’s happiness: a gain to one man is no gain to another: you might as well pretend to add 20 apples to 20 pears.”

Allan Meltzer's great advice for the Federal Reserve

Allan Meltzer's great advice for the Federal Reserve

Here is Allan Meltzer's great advice on US monetary policy:

There is no such thing as fiscal policy – and that goes for Japan as well

There is no such thing as fiscal policy – and that goes for Japan as well

Scott Sumner has a comment on Japan’s ”lost decades” and the importance of fiscal policy in Japan. Scott acknowledges based on comments from Paul Krugman and Tim Duy that in fact Japan has not had two lost decades. Scott also discusses whether fiscal policy has been helpful in reviving growth in the past decade in Japan.

Guest Blog: The Two Fundamental Welfare Principles of Monetary Economics (By David Eagle)

Guest Blog: The Two Fundamental Welfare Principles of Monetary Economics (By David Eagle)

I am extremely happy that David Eagle is continuing his series of guest blogs on my blog.

There is no such thing as fiscal policy

There is no such thing as fiscal policy

It can be rather traumatic for children to see their parents fight. I feel a bit like that when I see two of my heroes Scott Sumner and David Glasner discuss fiscal policy. The whole thing started with Scott picking a fight with a couple of Keynesians. To be frank that discussion really didn’t turn me on and even though I read most of what Scott writes this was not a discussion that I was particularly interested in. And it is certainly not my plan to address what the discussion really is about – let me just say I think Scott makes it unusually complicated – even though I think he is right (I guess…). Instead I will try to explain my view of fiscal policy or rather to explain why I think there really is no such thing as fiscal policy - at least not in the sense that Keynesians talk about it.

Stable NGDP growth can stabilise the property market

Stable NGDP growth can stabilise the property market

It is often argued that falling and low interest rates sparked a global housing bubble. However, the empirical evidence of this is actually quite weak and the development in global property markets is undoubtedly much more complicated than often argued in the media - and by some economists.

"Book that ski trip to St. Moritz" - long live free trade!
Guest blog: The Integral Reviews: Paper 2 - Ball (1999)

Guest blog: The Integral Reviews: Paper 2 - Ball (1999)

Guest Blog - The Integral Reviews: Paper 2 - Ball (1999)

There never was a bond market "conundrum”

There never was a bond market "conundrum”

Here is Alan Greenspan in Testimony February 16 2005:

Don’t forget the ”Market” in Market Monetarism

Don’t forget the ”Market” in Market Monetarism

As traditional monetarists Market Monetarists see money as being at the centre of macroeconomic discussion. To us both inflation and recessions are monetary phenomena. If central banks print too much money we get inflation and if they print to little money we get recession or even depression.

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