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"Should we replace Mervyn King with a robot?"

"Should we replace Mervyn King with a robot?"

Sean Keyes at MoneyWeek has an article on Market Monetarism. To me he seems to understand MM better than most journalists. Here is Keyes:

Forget about the “Credit Channel”

Forget about the “Credit Channel”

One thing that has always frustrated me about the Austrian business cycle theory (ABCT) is that it is assumes that “new money” is injected into the economy via the banking sector and many of the results in the model is dependent this assumption. Something Ludwig von Mises by the way acknowledges openly in for example "Human Action".

Central banks should set up prediction markets

Central banks should set up prediction markets

I have spend my entire career as an economist doing forecasting – both of macroeconomic numbers and of financial markets. First as a government economist and then later as a financial sector economist. I think I have done quite well, but I also know that I only rarely am able to beat the market “consensus”. If I beat the market 51% of the time then I think I am worth my money. This probably is a surprise to most none-economists, but it is common knowledge to economists that we really can’t beat the markets consistently.

Blog post #200 (and a "book")

Blog post #200 (and a "book")

Believe it or not I have published 200 posts since I started blogging in early October. I have written most of the blog posts myself, but I have also been lucky with some very good guest bloggers who have contributed to the blog. I plan to continue to invite people to write on my blog as I want to create a good open forum for discussion of monetary matters. That said, my blog is not a “democratic” forum. I decide who will be contributing and nobody else.

Scott Sumner on Lars von Trier

Scott Sumner on Lars von Trier

I never thought I would mention the Danish movie director Lars von Trier in one of my posts, but here we go. After all I am Danish and I share the first name with von Trier.

Japan shows that QE works

Japan shows that QE works

I am getting a bit worried – it has happened again! I agree with Paul Krugman about something or rather this time around it is actually Krugman that agrees with me.

Guest blog: Growth or level targeting? (by David Eagle)

Guest blog: Growth or level targeting? (by David Eagle)

We continue the series of guest blogs by David Eagle on his research on NGDP targeting and related topics.

The biggest cost of nominal stability is ignorance

The biggest cost of nominal stability is ignorance

Anybody who has visited a high inflation country (there are few of those around today, but Belarus is one) will notice that the citizens of that country is highly aware of the developments in nominal variables such as inflation, wage growth, the exchange rates and often also the price of gold and silver.

Guest blog: Tyler Cowen is wrong about gold (By Blake Johnson)

Guest blog: Tyler Cowen is wrong about gold (By Blake Johnson)

In a recent post I commented on Tyler Cowen's reservations about the gold standard on his excellent blog Marginal Revolution. In my comment I invited to dialogue between Market Monetarists and gold standard proponents and to a general discussion of commodity standards. I am happy that Blake Johnson has answered my call and written a today's guest blog in which he discusses Tyler's reservations about the gold standard.

Did Japan have a "productivity norm"?

Did Japan have a "productivity norm"?

A couple of days ago I stumbled on a comment from George Selgin that made me think of deflation in Japan. Here is George's comment (from 2009):

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