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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".

"Monetary Policy, Financial Stability, and the Distribution of Risk"

"Monetary Policy, Financial Stability, and the Distribution of Risk"

I have recently been giving a lot of attention to the work of David Eagle and his Arrow-Debreu based analysis of monetary policy rules. This is because I think David's work provides a microfoundation for Market Monetarism and adds new dimensions to the discussion about NGDP targeting - particularly in regard to financial stability.

Dubai, Iceland, Baltics – can David Eagle explain the bubbles?

Dubai, Iceland, Baltics – can David Eagle explain the bubbles?

It’s Sunday night in Copenhagen and I have just returned from a trip to Dubai. I should really write a long post about Dubai, but I will keep it short.

Friedman should have supported NGDP targeting, but never did

Friedman should have supported NGDP targeting, but never did

I found yet another gold nugget in David Eagle’s research:

The thinking of a ”Great Moderation” economist

The thinking of a ”Great Moderation” economist

Imagine you are ”born” as a macroeconomists in the US or Europe around 1990. You are told that you are not allowed to study history and all you your thinking should be based on (apparent) correlations you observe from now on and going forward. What would you then think of the world?

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