Some months ago there was a discussion of Australia’s free banking experience at a site called “Social Democracy for the 21st Century.” I will not go into the particulars of Australia’s experience here, because I have forgotten much of what I once knew about the subject and…
Earlier today I posed to Market Monetarists the following questions: "If a substantial share of today's high unemployment really is due to a lack of spending, what sort of wage-expectations pattern is informing this outcome?…Can it really be the case that NGDP (and equilibrium wage rate) expectations…
Although my work on the "Productivity Norm" has led to my being occasionally referred to as an early proponent of Market Monetarism, mine has not been among the voices calling out for more aggressive monetary expansion on the part of the Fed or ECB as a means…
Robert E. Keleher died on May 27 at the age of 67. His name will be previously known to few readers of this blog, but his ideas are highly important to the current world economic situation. Bob’s most significant work was Monetary Policy, a Market Price Approach,…
This talk by Bank of Canada Governor Mark Carney from Thursday is of note mostly for the fact that he explicitly addresses both Austrian criticisms of central bank policy and the position taken by NGDP targeters like Scott Sumner. The bit on the Austrians is below. He…