Monthly Archives: October 2015

Two comments on this piece by Jeremy Warner in the Telegraph.  Jeremy remarks: “there is no purpose to law without sanctions, and this one appears to have none beyond the extra capacity for embarrassment if it is broken.” First, I … Continue reading →

Ultimately I am against this charter for the same reason that I am against moves to legislate that the Fed should follow, or be monitored relative to a monetary policy rule. Macroeconomic fiscal policy is, crudely, about weighing the demands … Continue reading →

JP comments on my last post commenting on his post, and this post responds. He notes that while a technological innovation that reduces the need for money, or the liquidity and convenience services that come from holding money, would have … Continue reading →

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 →

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 →

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 →

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 →