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US Monetary History – The QRPI perspective: 1970s

US Monetary History – The QRPI perspective: 1970s

I am continuing my mini-series on US monetary history through the lens of my decomposition of supply inflation and demand inflation based on what I inspired by David Eagle have termed a Quasi-Real Price Index (QRPI). In this post I take a closer look at the 1970s.

US Monetary History – The QRPI perspective: 1960s

US Monetary History – The QRPI perspective: 1960s

In my previous post I showed how US inflation can be decomposed between demand inflation and supply inflation by using what I term an Quasi-Real Price Index (QRPI). In the coming posts I will have a look at use US monetary history through the lens of QRPI. We start with the 1960s.

A method to decompose supply and demand inflation

A method to decompose supply and demand inflation

It is a key Market Monetarist position that there is good and bad deflation and therefore also good and bad inflation. (For a discussion of this see Scott Sumner’s and David Beckworth’s posts here and here). Basically one can say that bad inflation/deflation is a result of demand shocks, while good inflation/deflation is a result of supply shocks. Demand inflation is determined by monetary policy, while supply inflation is independent of whatever happens to monetary policy.

Guest post: J’Accuse Mr. Ben Bernanke-San

Guest post: J’Accuse Mr. Ben Bernanke-San

Benjamin Cole is well-known commentator on the Market Monetarist blogs. Benjamin's perspective is not that of an academic or a nerdy commercial bank economist, but rather the voice of the practically oriented advocate of Market Monetarist monetary policies.

Gold prices are telling us that monetary policy is too tight - or maybe not

Gold prices are telling us that monetary policy is too tight - or maybe not

Over the last week commodity prices has dropped quite a bit - and especially the much watched gold price has been quite a bit under pressure.

Lorenzo on Tooze - and a bit on 1931

Lorenzo on Tooze - and a bit on 1931

The other day I was asking for comments on Adam Tooze's book  "Wages of Destruction". Now our good friend "Lorenzo from Oz" has answered my call. It turns out that he already back in 2009 wrote a review on the book on his excellent blog Thinking Out Aloud.

Defining central bank credibility

Defining central bank credibility

In a comment to my previous post on QE and NGDP targeting Joseph Ward argues that the Federal Reserve has “relatively solid central bank credibility”. The question is of course how to define central bank credibility.

How much QE is needed with a NGDP target?

How much QE is needed with a NGDP target?

Today I got an interesting question: “does NGDP targeting equate to more quantitative easing (QE) of monetary policy?”.

The best insight on the euro crisis - you will find in Texas

The best insight on the euro crisis - you will find in Texas

European policy makers still seem to be far from finding a solution to the euro crisis. However, there are solutions. The best solutions in my views does not come from Europe, but rather from our friend David Beckworth at the Texas State University. Here is his interview with Stephen Evans on BBC Radio (around 8 minutes into the program).

"The Wages of Destruction"

"The Wages of Destruction"

It is always nice to open the mailbox and see a new book in the mail. The latest arrival at the Christensen household is "The Wages of Destruction" by Adam Tooze on "The Making and Breaking of the Nazi Economy".

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