Bank of England governor Carney talking up NGDP targeting
The Washington Post has another example of the growing momentum behind nominal GDP targeting — the Bank of England! (…) But the idea may get a hearing over in Britain. Mark Carney, the new Bank of...
View ArticleDear Ben, Please surprise us with a policy regime that never again surprises us
Scott Sumner concludes a wry post on the EMH vs macroeconomics (e.g., “does the Fed have free will?”) with this: 1. The expected part of monetary policy has no impact on financial markets. It can...
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The Most Important Ben Bernanke Speech That No One Heard
Robert Holmes: (…) But what the Fed chairman hinted at during the conference, overshadowed by the day’s earnings releases and gloomy news from Europe, bears more attention than it received, especially...
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Cleveland Fed Estimates of Inflation Expectations
This is from the Cleveland Fed Inflation Expectations Estimator, updated through Dec 1, 2012. One of the primary goals of the Fed’s new rule-based QE3 is to reduce real interest rates by increasing...
View ArticleFed NGDP targeting would greatly increase global financial stability
Lars Christensen compares NGDPLT to ‘Adaptive’ policy – these excerpts will hopefully motivate you to read the complete Christensen essay: (…) Lets look at two different hypothetical US monetary...
View ArticleScott Sumner: interest rates and monetary policy (Mishkin forgotten, again)
Reacting to some confusion in the comments, Scott Sumner wrote Further comments on interest rates and monetary policy: People are still confused about my views on monetary policy and interest rates....
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The bitcoin demand crisis?
As I write there are about 11 million bitcoins minted. There will be about 21 million bit coins when the increasingly power-hungry crypto algorithm stops minting fresh coins. Is it money? What is...
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Felix Salmon on “The Bitcoin Bubble and the Future of Currency” a primer on...
Each time the value of a bitcoin hits a new high or a new milestone, there’s more press coverage of the phenomenon, drawing new people in, and sending the value of bitcoins even higher. Indeed, if you...
View ArticleScott Sumner: When bitcoin crashes . . .
Scott Sumner captioned his somewhat technical “no bubble” argument “When bitcoin crashes . . .” . . . .I predict people will say it was a bubble, even though it wasn’t. The term ‘bubble’ can mean many...
View ArticleTim Lee: Why bitcoin is a bubble
As I just posted, Felix Salmon says “bitcoin is a bubble…”. Tim Lee writes “Why bitcoin is a bubble“, guest-posted at Megan McArdle: My friend Tim Lee says that critics of Bitcoin need to do a better...
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