Is the real bills doctrine making a comeback?
Bill Woolsey has a post that is highly critical of a recent article by Richard G. Anderson and Yang Liu , who are at the...
Author : TheMoneyIllusion
Evan Soltas documents the Great NGDP Expectations Crash of 2008
I have often claimed that expectations of NGDP growth crashed in late 2008, and that this caused a crash in asset prices, which made the...
Why do smart people say crazy things?
[I added some graphs to the previous post on income and government spending. Many readers assumed I was trying to explain why some countries are...
The Relationship Between Government Spending and Wealth Among Rich Countries
It’s widely known that governments in rich countries spend much more than governments in poor countries, even as a share of GDP. There are a...
The first market monetarist book.
Marcus Nunes and Benjamin Cole are familiar names to those who follow...t monetarist ideas. Marcus has an excellent blog, and has supplied me with some...
Japan and the Lunatics
After the U.S. experience during the Great Depression, and after inflation and rising interest rates in the 1970s and disinflation and falling interest rates in...
A new market monetarist book
Marcus Nunes and Benjamin Cole have an excellent new e-book on market monetarism and recent Fed.... Highly recommended. I’ll have more to say about...
Reason magazine on NGDPLT
I love Reason magazine, but macroeconomics is not their strong suit. They recently published a critique of NGDPLT by Tom Clougherty: Moreover, even if one...
Why Hasn’t the Housing Recovery Helped the Economic Recovery?
Most people are convinced that the housing crash contributed to the recession, even though the facts suggest otherwise. Now people are convinced that the housing...
Taking the lead—then finishing last
All the recent discussion...f lead has reminded me...f my youth. In the garage we had large sheets...f lead—they must have weighted 50 pounds each, and...