CounterStrikeMedia - Monetarism & NGDP

LABOR PRODUCTIVITY WITH SOARING DEFICITS & THE NEW KEYNESIANISM, FISCAL THEORY OF MONETARY POLICY

4/17/2018

An economics chart that every policymaker should keep handy
James Pethokoukis | AEIdeas

Worrying about trade deficits while pushing fiscal stimulus doesn’t make sense
James Pethokoukis | AEIdeas

Fiscal Theory Of Monetary Policy
by John H. Cochrane via Grumpy Economist
Teaching a PhD class and preparing a few talks led me to a very simple example of an idea, which I'm calling the "fiscal theory of monetary policy." The project is to marry new-Keynesian models, i.e. DSGE models with price stickiness, with the fiscal theory of the price level. The example is simpler than the full analysis with price stickiness in the paper by that title.

A LEAN FUTURE FOR THE MILITARY: DEBT CRISIS CROWDING OUT GROWTH

4/13/2018

Congressman to Mattis: Prepare for ‘a lean future’ as national debt continues to rise
(Defense News) The Pentagon’s two-year budget boost may be as good as it’s going to get for the military, the House Armed Services Committee’s top Democrat warned Defense Secretary Jim Mattis on Capitol Hill on Thursday.

UNDERSTANDING THE UNEMPLOYMENT RATE

4/1/2018

Understanding The Unemployment Rate
by John B. Taylor via PolicyEd.org
The unemployment rate is the percentage of unemployed workers in the total labor force. The economic models utilize the unemployment rate to explain short-term fluctuations and long-term trends, such as job loss and recession. This makes the unemployment rate important as it determines the health of the economy when establishing economic policies.

JOHN B. TAYLOR: FED MOVES ON RULES

3/14/2018

ECONOMICS ONE

MILTON FRIEDMAN ON STEEL TARIFFS

3/12/2018

Milton Friedman On Steel Tariffs
featuring Milton Friedman via Cafe Hayek
I cannot recall if I earlier shared this video of Milton Friedman speaking about steel tariffs. Whether I did or not, it’s worth sharing here and now.

Trade Deficit And Tariffs: It's Complicatedquoting Martin Feldstein via Investing
President Donald Trump's announcement that he is instituting tariffs on imported steel and aluminum came as a surprise to some although reducing the trade deficit was one of his campaign promises.

THE STATE OF CONTEMPORARY ECONOMICS

3/12/2018

Arnold Kling On Economics For The 21st Century
by Russell Roberts via EconTalk
Economist, blogger, and author Arnold Kling talks with EconTalk host Russ Roberts about the state of economics in the 21st century. Kling argues that economics would be more useful if it took account of intangibles like culture, incorporated the role of financial intermediation in the economy, and modeled some of the the subtleties of the labor market--how wages are set and the role of team production.

THE MARKET DOGS THAT DIDN'T BITE

3/5/2018

The Market Dogs That Didn't Bark
Anatole Kaletsky explains why energy, bond, and currency investors have been unaffected by newly volatile equity prices.

HOW TO END BANK BAILOUTS

2/23/2018

ECONOMICS ONE

THE COMPOSITION OF GDP

2/21/2018

The Composition Of Gross Domestic Product
by John B. Taylor via Policyed.org
Gross domestic product is made up of the total market value of final goods and services produced in an economy.

YELLEN IS GONE: TIME TO RETHINK U.S. APPROACH & EXAMINING OUR LOST DECADE

2/2/2018

Time for a monetary policy rethink
Desmond Lachman | InsideSources

EXAMINING OUR LOST DECADE

TRENDS IN U.S. ECONOMY, WHY BITCOIN REMAINS A SCAM, EMERGING ECONOMIES & EQUITIY MOVEMENTS

1/30/2018

US dollar to get stronger under Trump, says strategist
BY ASIA TIMES STAFF
Trump's tax cut bill and repatriation tax will result in significant in-flows to the US, benefitting the US economy as a whole and strengthening the dollar

Emerging markets head different ways on central bank headlines
BY DAVID P. GOLDMAN
When money gets tighter, stick with creditor countries rather than borrowers

Expect global equity markets to stall as bond yields jump
BY DAVID P. GOLDMAN
Sudden rise in ‘real’ yields portends powerful headwinds

The Heightened Risks of a US Downturn
Martin Feldstein worries that policymakers will lack the fiscal- and monetary-policy tools to provide sufficient stimulus.

Market excesses herald crisis
Desmond Lachman | Official Monetary and Financial Institutions Forum

E21: BOOMING U.S. ECONOMY

The World's Priciest Stock Market
Robert Shiller asks why the US stock market has the world's highest cyclically adjusted price-earnings ratio.

Blockchain's Broken Promises
Nouriel Roubini pours cold water on the irrational exuberance that has driven cryptocurrency prices sky high.

The Bitcoin Threat
Harold James thinks cryptocurrencies, like their predecessors, will be a key factor driving political destabilization.

Exploring the techno-economic content of your bitcoin wallet
Bronwyn Howell and Petrus Potgieter | AEIdeasBronwyn Howell and Petrus Potgieter explore what overlap exists between the technological and economic characteristics of bitcoin and other crytpocurrencies. The authors argue that as the transaction costs for bitcoin transfers increase, its appeal as a transacting currency decreases and the appeal of using alternative less-costly crytpocurrencies increases. The more crytpocurrencies there are, the harder it is to establish a basis for comparison of prices -- making the role of brokers crucial to the smooth functioning of cryptocurrency systems.

From the archives: Milton Friedman and bitcoin?
Karlyn Bowman and Joseph Kosten | AEIdeas

EDMUND PHELPS ON TRUMP ECONOMICS & PROJECT SYNDICATE TRADE WARS JANUARY 2018

1/27/2018

PROJECT SYNDICATE

PROJECT SYNDICATE TRADE WARS

CHILE TRIES CAPITALISM AGAIN

1/22/2018

THE GREAT RECESSION & GREATS SHIFTS IN ECONOMICS

1/22/2018

How Economics Survived the Economic Crisis
Robert Skidelsky asks why the Great Recession produced no intellectual shift similar to the rise of Keynesianism or monetarism.

GDP Should Be Corrected, Not Replaced
Urs Rohner argues that none of the flaws in the world's leading indicator of economic activity are fatal.

AMITY SHALES ON GROWTH

GOP: THE PARTY OF GROWTH

DOES THE FED NEED REFORM? & JOHN B. TAYLOR'S RULE FOR THE FED; OUR LOST DECADE

1/16/2018

ECONOMICS ONE: TAYLOR'S RULE FOR THE FED

Does the Fed Need Reform?
Robert Samuelson, Washington Post

Is trouble hiding in the latest World Bank report?
Desmond Lachman | The Hill
The World Bank’s report that the global economy is now operating at close to full capacity would seem to be a mixed blessing. There is certainly reason to celebrate that the world economy is operating at near its potential. However, there is also reason to fear that approaching global full employment could very well be a precursor to aggressive monetary policy tightening.

America's Lost Decade: Fed's Antigrowth Policies Hurt Recovery, But A New Boom May Be Upon Us
quoting John B. Taylor via Investors Business Daily
Many negative consequences flow reliably from a financial crisis, including unemployment, political turmoil, and piles of sovereign debt. Since the 2008 financial meltdown, however, we've seen none of the good consequences — and there are supposed to be good ones.

JOHN B. TAYLOR ON MONETARY INFLATION TARGETS

1/10/2018

ECONOMICS ONE

WHAT'S "FREE MARKET" IN FRENCH & THE FISCAL THEORY OF MONETARY POLICY

1/3/2018

The Fiscal Theory Of Monetary Policy
by John H. Cochrane via Grumpy Economist
"Stepping on a Rake: the Fiscal Theory of Monetary Policy" is new paper, just published in the European Economic Review.

MANHATTAN INSTITUTE, CITY JOURNAL: FREE MARKETS IN FRANCE

Short-term thinking distorts economic policy
Michael R. Strain | Bloomberg View
Many Americans seem not to believe that society can overcome real divisions and advance toward a common future with confidence and openness to the world. The populism of 2017 revealed this. But populism isn’t simply a 2017 phenomenon. Decades of slow-burning economic and social change contributed to the current populist moment. After such damage, can a national narrative be restored?

A limited, energetic government
Michael R. Strain | National ReviewMichael Strain makes a case for a limited, energetic government. He observes that economics and culture have collided to create our current populist movement -- which is significantly affecting the economic policy debate. Strain underlies policies that can serve as basic principles to have a strong commitment to individual liberty, the free enterprise system, economic opportunity, and personal responsibility. He concludes by urging people to remember that the dignity of the human person should be a central concern to economic policy.

Economic growth
Michael R. Strain | Statement before the United States Senate Committee on the BudgetIn a statement before the United States Senate Committee on the Budget, Michael Strain argued that a growing private-sector economy is central to the health of society -- economic growth drives increases in living standards and quality of life. Strain argues that over long periods of time, nothing is more important to economic growth than innovation and a culture that allows for creativity and energy.

A DECADE AFTER THE 2008 CRISIS & THE S.A.L.T. CRISIS OF BLUE STATES

1/3/2018

Happy New Decade!
by John B. Taylormentioning Michael J. Boskin, John H. Cochrane , John F. Cogan, Joshua D. Rauh, Kenneth E. Scott, George P. Shultz, Hoover Institution via Economics One
The Great Recession began exactly one decade ago this month, as later determined by the NBER business cycle dating committee chaired by my colleague, Bob Hall. There is still a great debate about the causes of the Great Recession, its deepness, its length, and the Not-So-Great Recovery that followed.

SALT Margins
by John H. Cochrane via Grumpy Economist
I think most of the debate misses an important point about the state and local tax deduction -- incentives. Suppose you are in the top, (roughly) 40% marginal federal tax bracket. If you pay an extra $100 in state taxes, you deduct $100 from income, and pay $40 less in federal taxes. So, you really only pay $60 in state taxes.

WHAT HAYEK GOT WRONG ABOUT KEYNES & ECONOMICS AND NATIONAL SECURITY

1/2/2018

LUDWIG VON MISES INSTITUTE

Economists As Public Intellectuals
by John H. Cochrane via Grumpy Economist
I ran across a video by my former Chicago Booth colleague Austan Goolsbee that prompts some reflection on the role of economists as public intellectuals.

Economics and National Security
Martin Feldstein, Project Syndicate

The Missing Ingredients Of Growth
by Michael Spence, Karen Karniol-Tambour via Project Syndicate
Several positive macroeconomic trends suggest that the global economy could finally be in a position to achieve sustained and inclusive growth. But whether that happens will depend on whether governments can muster a more forceful response to changing economic and technological conditions.

JOHN B. TAYLOR: 10 YEAR ANNIVERSARY OF 'THE CRASH' & DAVID GOLDMAN ON A DYING PHILLIPS CURVE

1/1/2018

ECONOMICS ONE

There ain’t-a no Phillipsy Curve, once again
BY DAVID P. GOLDMAN
For a dozen reasons, structural changes have made this a low-inflation if not a disinflation economy

WHY WE READ DEAD ECONOMISTS

12/30/2017

VON MISES INSTITUTE

TOP ECONOMIC COMMENTARY 2017 PROJECT SYNDICATE

12/29/2017

PROJECT SYNDICATE

STATES & TAX PROGRESSIVITY

12/29/2017

Prices of high-tech products, mismeasurements, and the pace of innovation
David Byrne, Stephen D. Oliner and Daniel Sichel | AEI Economics Working Paper Series

PACE OF INNOVATION & MIS-MEASUREMENT

12/29/2017

Prices of high-tech products, mismeasurements, and the pace of innovation
David Byrne, Stephen D. Oliner and Daniel Sichel | AEI Economics Working Paper Series

AMERICA: AN EMERGING MARKET

12/13/2017

The world's scariest emerging market: America
Desmond Lachman | The International Economy

Author

An authority on Civil-Military Relations; Southwest Asian Political Economy, and Pentagon Acquisition Reform .

SERGEY ALEKSASHENKO FORMER RUSSIAN CENTRAL BANKER

THE GRUMPY ECONOMIST

ROBERT SAMUELSON WASHINGTON POST

JOHN B. TAYLOR ECONOMICS ONE BLOG

MILTON FRIEDMAN COLLECTED WORKS HOOVER

ALLAN MELTZER HOOVER INSTITUTION

KEVIN WARSH HOOVER INSTITUTION

KEYNES VS. HAYEK RAP

KEYNES VS. HAYEK RAP ROUND 2

Federal Reserve Needs New Thinking wsj pdf
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What Uber Can Teach the Fed pdf
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