The Elitist Case Against Bernanke
Wednesday will be an interesting day, and not just because of the introduction of the iPad. It is also likely to be the start of Fed Chairman Ben Bernanke’s confirmation hearings for a second term. The...
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Are There Two Inflation Regimes?
Arnold Kling tentatively postulates that central banks can, at most, select between a low-stable inflation regime and a high-variable inflation regime. Bryan Caplan proposes a quick test, which I...
View ArticleIreland Tells Us Nothing About Austerity
In 2008, the Keynesians emerged from hiding, where they had been since the mid-1980s. It was nice to see them, catch up, and so on. But now they won’t go away. This week’s Buttonwood column in The...
View ArticleMiscellaneous Thoughts on the Fed
Everyone is interested in monetary policy and the Fed all of a sudden, so, what the hell, I’ll chime in too. Here is my ranking of monetary regimes: Depoliticization and denationalization of money....
View ArticleForensic Semantics: The Meaning of Liquidity Trap
I promise not to do too many more posts about a) macro or b) Paul Krugman. I don’t just love macro, these are not my most popular posts, and Krugman is too shrill to read on a regular basis....
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Replies to Interfluidity
Steve Randy Waldman, aka Interfluidity, is wicked smart. So it was with mild trepidation that I read Nicholas Weininger’s request: I’d like to see your take on Interfluidity’s posts about...
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The Short Run is Short
I’m a fan of Scott Sumner, NGDP level targeting, and many of the ideas of market monetarism in general. However, unlike many of those who support these ideas, I am pessimistic that QE3 will fix the...
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Replies to My Critics
Last week, I argued that the short run is short—that there is good reason to believe that we’re now past the point where monetary stimulus can do much to help the economy. Again, I am broadly friendly...
View ArticleBitcoin and Endogenous Nominal Rigidities
One supposed problem with Bitcoin taking over the world, critics say, is that lack of a central bank precludes countercyclical monetary policy. When aggregate demand grows more slowly than expected,...
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