http://www.cato-unbound.org/2009/09/14/scott-sumner/the-real-problem-was-nominal/ Big Ideas for a Better World Sat, 04 Feb 2012 12:01:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://www.cato-unbound.org/2009/09/14/scott-sumner/the-real-problem-was-nominal/comment-page-1/#comment-385281 NGDP targeting is not a Keynesian business cycle policy « The Market Monetarist Sat, 12 Nov 2011 07:22:02 +0000 http://www.cato-unbound.org/?p=2052#comment-385281 [...] of monetary policy (See Scott Sumner’s excellent paper on the causes of the Great Recession here) – said in another way money demand growth has been allowed to outpaced money supply growth [...] [...] of monetary policy (See Scott Sumner’s excellent paper on the causes of the Great Recession here) – said in another way money demand growth has been allowed to outpaced money supply growth [...]

]]> http://www.cato-unbound.org/2009/09/14/scott-sumner/the-real-problem-was-nominal/comment-page-1/#comment-385022 Clark Johnson has written what will become a Market Monetarist Classic « The Market Monetarist Sat, 22 Oct 2011 08:44:41 +0000 http://www.cato-unbound.org/?p=2052#comment-385022 [...] Frankly, I have a very hard time seeing what an increase interest rates could do to ease monetary conditions in the US or anywhere else and I find it very odd that Clark Johnson is not even discussing changing the institutional set-up regarding monetary policy in the US after an essentially correct analysis of the state US monetary policy. It is especially odd, as Johnson clearly seem to acknowledge the US monetary policy is too tight. That however, does not take anything away from the fact that Clark Johnson has produced a very insightful and interesting paper on the causes for the Great Recession and monetary policy makers and students of monetary theory can learn a lot from reading Clark Johnson’s paper. In fact I think that Johnson’s paper might turnout to become an Market Monetarist classic similar to Robert Hetzel’s “Monetary Policy in the 2008-2009 Recession” and Scott Sumner’s “Real problem is nominal”. [...] [...] Frankly, I have a very hard time seeing what an increase interest rates could do to ease monetary conditions in the US or anywhere else and I find it very odd that Clark Johnson is not even discussing changing the institutional set-up regarding monetary policy in the US after an essentially correct analysis of the state US monetary policy. It is especially odd, as Johnson clearly seem to acknowledge the US monetary policy is too tight. That however, does not take anything away from the fact that Clark Johnson has produced a very insightful and interesting paper on the causes for the Great Recession and monetary policy makers and students of monetary theory can learn a lot from reading Clark Johnson’s paper. In fact I think that Johnson’s paper might turnout to become an Market Monetarist classic similar to Robert Hetzel’s “Monetary Policy in the 2008-2009 Recession” and Scott Sumner’s “Real problem is nominal”. [...]

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