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“Ben Volcker” and the monetary transmission mechanism
I am increasingly realising that a key problem in the Market Monetarist arguments for NGDP level targeting is that we have not been very clear in our arguments concerning how it would actually work. We...
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US Monetary History – The QRPI perspective: 1960s
In my previous post I showed how US inflation can be decomposed between demand inflation and supply inflation by using what I term an Quasi-Real Price Index (QRPI). In the coming posts I will have a...
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US Monetary History – The QRPI perspective: The Volcker disinflation
I am continuing my mini-series on modern US monetary history through the lens of my decomposition of supply inflation and demand inflation based on what I inspired by David Eagle have termed a...
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Allan Meltzer’s great advice for the Federal Reserve
Here is Allan Meltzer’s great advice on US monetary policy: “Repeatedly, the message has been to reduce tax rates permanently… A permanent tax cut was supposed to do what previous fiscal efforts had...
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Meltzer’s transformation
Allan Meltzer was one of the founding fathers of monetarism and he has always been one of my favourite economists. However, I must admit that that is no longer the case. His commentary over the last...
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Friedman’s Japanese lessons for the ECB
I often ask myself what Milton Friedman would have said about the present crisis and what he would have recommended. I know what the Friedmanite model in my head is telling me, but I don’t know what...
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David Laidler: “Two Crises, Two Ideas and One Question”
The main founding fathers of monetarism to me always was Milton Friedman, Anna Schwartz, Karl Brunner, Allan Meltzer and David Laidler. The three first have all now passed away and Allan Meltzer to...
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The root of most fallacies in economics: Forgetting to ask WHY prices change
Even though I am a Dane and work for a Danish bank I tend to not follow the Danish media too much – after all my field of work is international economics. But I can’t completely avoid reading Danish...
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