There is no doubt that I believe that the Federal Reserve under the leadership of Fed Chair Janet Yellen has kept monetary conditions too tight and I have particularly blamed Yellen’s 1970s style obsession with the Phillips curve for this. Michael Belongia and Peter Ireland have a very good comment over at Manhattan Institute’s E21 site […]
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Belongia and Ireland on the Fed’s Romanace with the Phillips curve
Posted by Lars Christensen on November 7, 2016
https://marketmonetarist.com/2016/11/07/belongia-and-ireland-on-the-feds-romanace-with-the-phillips-curve/
Orphanides also wonders what happened to the ECB’s monetary pillar
Yesterday the Shadow Open Market Committee (SOMC) held its regular semi-annual meeting in New York. It is no secret that many of the members of the SOMC have had a large influence on my monetary thinking – just to mention some of them Bennett McCallum, Michael Bordo, Peter Ireland, Marvin Goodfriend and Charles Calomiris all […]
Posted by Lars Christensen on November 5, 2014
https://marketmonetarist.com/2014/11/05/orphanides-also-wonders-what-happened-to-the-ecbs-monetary-pillar/
Money and DSGE models – a few good papers
In this very good recent interview with the always extremely insightful David Laidler on Russ Robert’s Econtalk David rightly highlights the problem that money disappeared from macroeconomics during the 1990s with the development of DSGE models. I share David’s worry that many macroeconomists – particular central bank economists – use models where there is no […]
Posted by Lars Christensen on October 2, 2013
https://marketmonetarist.com/2013/10/02/money-and-dsge-models-a-few-good-papers/
The Hetzel-Ireland Synthesis
I am writing this while I am flying with Delta Airlines over the Atlantic. I will be speaking about the European crisis at a seminar on Friday at Brigham Young University in Provo, Utah. I must admit that it has been a bit of a challenge to blog in recent weeks. Mostly because both my […]
Posted by Lars Christensen on September 27, 2012
https://marketmonetarist.com/2012/09/27/the-hetzel-ireland-synthesis/
Time for a comeback to the SOMC – but it should be a monetarist SOMC and not an Austrian SOMC
I have always been a huge fan of the Shadow Open Market Committee (SOMC). However, it is having a much less prominent role in US monetary policy debate today than used to be the case in the good old days. A reason is that the SOMC played a very important role in as a counterweight […]
Posted by Lars Christensen on November 24, 2012
https://marketmonetarist.com/2012/11/24/time-for-a-comeback-to-the-somc-but-is-should-be-a-monetarist-somc-and-not-an-austrian-somc/
The Market Monetarist- From excessively easy to excessive tight US monetary policy
- Re-visited: Firefighter Arsonists – the myth of the central bankers as ‘good’ crisis managers
- US monetary policy has become too TIGHT – the Fed risks significantly UNDERSHOOTING it’s 2% inflation target
- ChatGPT, Python, FRED and some NGDP gaps
- Re-visiting R*: Close to the end of the hiking cycle for the Fed
- US inflation set to fall sharply in the coming quarters
- Recession or not? Answering a question the Fed should not care about
- Milton Friedman commented on Powell’s Fed in 1978
- Carl Bildt is puzzled – he should read an economics textbook
- US domestic spending – a closer look at the 2021-22 data
The Market Monetarist 