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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...
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How I would like to teach Econ 101
Recently our friend Nick Rowe commented on what he considers to be wrong arguments by Joseph Stiglitz and Bryan Caplan. Nick obviously is a busy bee because he had time to write his comment in between...
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The Compensated dollar and monetary policy in small open economies
It is Christmas time and I am spending time with the family so it is really not the time for blogging, but just a little note about something I have on my mind – Irving Fisher’s Compensated dollar plan...
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Boom, bust and bubbles
Recently it has gotten quite a bit of attention that some investors believe that there is a bubble in the Chinese property market and we will be heading for a bust soon and the fact that I recently...
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Chain of events in the boom-bust
In my recent post on “boom, bust and bubbles” I tried to sketch a monetary theory of bubbles. In this post I try to give an overview of what in my view seems to be the normal chain of events in...
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It’s time to get rid of the ”representative agent” in monetary theory
“Tis vain to talk of adding quantities which after the addition will continue to be as distinct as they were before; one man’s happiness will never be another man’s happiness: a gain to one man is no...
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Benn & Ben – would prediction markets be of interest to you?
Benn Steil from the Council on Foreign Relations has an interesting comment on the Federal Reserve’s forecasting performance. I don’t really want to discuss Benn Steil’s views, but rather the fed...
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Expectations and the transmission mechanism – why didn’t anybody think of...
As I was writing my recent post on the discussion of the importance of expectations in the lead-lag structure in the monetary transmission mechanism I came think that is really somewhat odd how little...
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Higher oil prices and higher bond yields – good or bad news?
Recently (since December) we have seen US bond yields start to inch up and at the same time oil prices (and other commodity prices) have also inched up. This seem to be a great worry to some...
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Counterfeiting, nazis and monetary separation
A couple of months ago a friend my sent me an article from the Guardian about how “Nazi Germany flooded Europe with fake British banknotes in an attempt to destroy confidence in the currency. The...
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