Monthly Archives: April 2012

Although it thinks it does. And when, as at present, things appear a little too slow for the government´s wishes, we are quick to blame others. This time it´s the excessively easy monetary policies of advanced economies that is causing … Continue reading →

Do news and history always trump fiction? Read an “old” newspaper, from the ancient pre-Internet era of December of 1984: “The Reagan Administration is considering a plan to would place the now autonomous US Federal Reserve under some form of … Continue reading →

Please don´t miss this wonderfully readable discussion of reasons for the adoption of an NGDP Level Target by Nick Rowe. Nominal GDP is just one of an infinite number of variables that monetary policy might target. The probability that NGDP … Continue reading →

The GDP release today showed things are even worse than expected, with real growth coming in below expectations. Of course there are those who pretend to find “golden nuggets” inside the entrails of the aggregate number, but mostly it´s wishful … Continue reading →

That´s the message I got from these two Karl Smith´s posts from today. The first is an analysis of the contribution to growth of the different components. It concludes with the view: All-in-all it looks decent. Maybe it is that … Continue reading →

A few days ago Benjamin Cole sent me this news nugget from December 1984. It´s a beaut: In December of 1984, Donald T. Regan, President Reagan´s Treasury Secretary attacked the Board of the Federal Reserve, accusing it of being “penurious” … Continue reading →

Note that I haven´t mentioned Hitler or Nazis, so as not to lose the argument at the outset. But what else does this mean? The general´s Italian, but guess who the CCO is? BILD: President Draghi, when it was clear … Continue reading →

Now it´s: Target the path of nominal GDP, people! And that is uttered by uber Keynesian Brad Delong, a firm believer in the liquidity trap. And before Scott Sumner even started blogging and pushing the NGDPLT idea Brad says he was … Continue reading →

In this post I commented on Krugman´s critique of Bernanke. In his press conference today Bernanke tried to defend himself: To clarify some more: As an Academic, Bernanke famously told Japan that they had to throw the whole kitchen sink … Continue reading →

Paul Krugman has a long piece on the NYT Magazine. In contrast to his usual clamor for more fiscal stimulus, this time he is focused on monetary policy and on Bernanke´s “let-down”: Bernanke was and is a fine economist. More … Continue reading →