Monthly Archives: October 2015

Is monetary impotence due to monetary innovation? On JP Koning.

Posted on October 7, 2015 by Tony Yates

JP poses this question in yet another thought-provoking post. I’ll offer one thought, from the standard New Keynesian model of money, interest and prices.  In this model, the fact that money confers liquidity services is captured, rather crudely, by assuming … Continue reading →

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Is there really a credibility problem in the face of deflation?

Posted on October 6, 2015 by Tony Yates

Tim Young, in typically combative style, doubts in a comment on this blog that there really is a credibility problem in the face of deflation.  I accept that historically, and theoretically, we have focused on the difficulty of persuading the … Continue reading →

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Doves and credibility

Posted on October 5, 2015 by Tony Yates

Marvin Goodfriend made a telling contribution to the Shadow Open Markets Committee – the US equivalent to our Shadow Monetary Policy Committee.  [h/t David Andolfatto for sharing that]. His remarks lead us to note that while the Fed has a … Continue reading →

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The Governor’s eyebrows and the climate

Posted on October 1, 2015 by Tony Yates

This post is a repeat of many before, and consolidates Tweets from yesterday that were picked up in the FT story by Ferdinando Giugliano. We’ve now had speeches from the BoE urging inclusive capitalism [Carney], on the benefits of volunteering … Continue reading →

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