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Monetary policy can't fix all problems

Monetary policy can't fix all problems

You say that when you have a hammer everything looks like a nail. Reading the Market Monetarist blogs including my own one could easing come to the conclusion that we are the "hammer boys" that scream at any problem out there "NGDP targeting will fix it!" However, nothing can be further from the truth.

Scott is right: Recessions are always and everywhere a monetary phenomenon - just look at QRPI

Scott is right: Recessions are always and everywhere a monetary phenomenon - just look at QRPI

Scott Sumner has a couple of fascinating posts on recessions on his blog (see here and here).

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?”.

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