http://www.cato-unbound.org/2009/09/16/james-d-hamilton/its-harder-than-it-looks/ Big Ideas for a Better World Wed, 10 Mar 2010 03:24:11 +0000 http://wordpress.org/?v=2.9 hourly 1 http://www.cato-unbound.org/2009/09/16/james-d-hamilton/its-harder-than-it-looks/comment-page-1/#comment-352331 TheMoneyIllusion » Help me prepare for GMU Sun, 20 Sep 2009 18:28:17 +0000 http://www.cato-unbound.org/?p=2093#comment-352331 [...] paper.  This paper is to be discussed by three distinguished economists over the next week; first James Hamilton (of econbrowser.com), then George Selgin, and finally Jeffrey Hummel.  Then we will have a [...] [...] paper.  This paper is to be discussed by three distinguished economists over the next week; first James Hamilton (of econbrowser.com), then George Selgin, and finally Jeffrey Hummel.  Then we will have a [...]

]]> http://www.cato-unbound.org/2009/09/16/james-d-hamilton/its-harder-than-it-looks/comment-page-1/#comment-352290 Does the Equation of Exchange Shed Any Light on the Crisis? Fri, 18 Sep 2009 03:19:51 +0000 http://www.cato-unbound.org/?p=2093#comment-352290 [...] Hamilton thinks the answer is no. In his reply to Scott Sumner’s lead article at Cato Unbound, he questions [...] [...] Hamilton thinks the answer is no. In his reply to Scott Sumner’s lead article at Cato Unbound, he questions [...]

]]> http://www.cato-unbound.org/2009/09/16/james-d-hamilton/its-harder-than-it-looks/comment-page-1/#comment-352275 econoblog.info » Secondary Sources: Fed Mistakes, Pub Power, Prices and Obesity Thu, 17 Sep 2009 18:24:22 +0000 http://www.cato-unbound.org/?p=2093#comment-352275 [...] Fed Mistakes: On Cato Unbound, Jim Hamilton responds to Scott Sumner on the Fed’s mistakes ahead of the financial crisis. “Let me mention one other real-world complication that has made it difficult for the Fed to achieve a faster growth of nominal GDP. Macroeconomists often like to think of inflation in terms of an aggregate price index, the variable P in the equation of exchange. But, particularly in the current environment, aggressive stimulus by the Fed is unlikely to show up as higher wages or the prices of most services, but instead would raise relative commodity prices and could in a worst case scenario precipitate a currency crisis, both of which would be highly destabilizing in their own right. I agree with Sumner that the Fed could and should have done more, but would caution that it is also possible for the Fed to try to do too much. I come back to the perspective with which I opened — given the earlier regulatory lapses, significant economic losses could not have been prevented by any monetary policy that could have been implemented in the fall of 2008.” [...] [...] Fed Mistakes: On Cato Unbound, Jim Hamilton responds to Scott Sumner on the Fed’s mistakes ahead of the financial crisis. “Let me mention one other real-world complication that has made it difficult for the Fed to achieve a faster growth of nominal GDP. Macroeconomists often like to think of inflation in terms of an aggregate price index, the variable P in the equation of exchange. But, particularly in the current environment, aggressive stimulus by the Fed is unlikely to show up as higher wages or the prices of most services, but instead would raise relative commodity prices and could in a worst case scenario precipitate a currency crisis, both of which would be highly destabilizing in their own right. I agree with Sumner that the Fed could and should have done more, but would caution that it is also possible for the Fed to try to do too much. I come back to the perspective with which I opened — given the earlier regulatory lapses, significant economic losses could not have been prevented by any monetary policy that could have been implemented in the fall of 2008.” [...]

]]> http://www.cato-unbound.org/2009/09/16/james-d-hamilton/its-harder-than-it-looks/comment-page-1/#comment-352271 Risky Investor » Secondary Sources: Fed Mistakes, Pub Power, Prices and Obesity Thu, 17 Sep 2009 15:49:57 +0000 http://www.cato-unbound.org/?p=2093#comment-352271 [...] Fed Mistakes: On Cato Unbound, Jim Hamilton responds to Scott Sumner on the Fed’s mistakes ahead of the financial crisis. “Let me mention one other real-world complication that has made it difficult for the Fed to achieve a faster growth of nominal GDP. Macroeconomists often like to think of inflation in terms of an aggregate price index, the variable P in the equation of exchange. But, particularly in the current environment, aggressive stimulus by the Fed is unlikely to show up as higher wages or the prices of most services, but instead would raise relative commodity prices and could in a worst case scenario precipitate a currency crisis, both of which would be highly destabilizing in their own right. I agree with Sumner that the Fed could and should have done more, but would caution that it is also possible for the Fed to try to do too much. I come back to the perspective with which I opened — given the earlier regulatory lapses, significant economic losses could not have been prevented by any monetary policy that could have been implemented in the fall of 2008.” [...] [...] Fed Mistakes: On Cato Unbound, Jim Hamilton responds to Scott Sumner on the Fed’s mistakes ahead of the financial crisis. “Let me mention one other real-world complication that has made it difficult for the Fed to achieve a faster growth of nominal GDP. Macroeconomists often like to think of inflation in terms of an aggregate price index, the variable P in the equation of exchange. But, particularly in the current environment, aggressive stimulus by the Fed is unlikely to show up as higher wages or the prices of most services, but instead would raise relative commodity prices and could in a worst case scenario precipitate a currency crisis, both of which would be highly destabilizing in their own right. I agree with Sumner that the Fed could and should have done more, but would caution that it is also possible for the Fed to try to do too much. I come back to the perspective with which I opened — given the earlier regulatory lapses, significant economic losses could not have been prevented by any monetary policy that could have been implemented in the fall of 2008.” [...]

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