lunes, 27 de febrero de 2012

Excess reserves and intraday credit

Tyler Cowen

Krugman sobe Europa

Aca

From Hume to Woodford.... and back to Hume?

Scott Sumner

The balance sheet recession and The Great Stagnation

Tyler Cowen

"Many people point out that we are in a balance sheet recession. I agree with this view but wish to push it one step deeper. The negative wealth and income effects on debtors are positive wealth and income effects for the creditors. If the creditors were keener to invest that money in useful, productive activities the economy would be much stronger. Balance sheet recessions are most problematic when the investment channel is for some reason broken or especially weak."

Foxconn and China’s capitalist revolution

Aca

National accounting economics

vs MV=PY

Why the government must keep running deficits. Forever

Aca

jueves, 23 de febrero de 2012

Reflexión sobre el mercado laboral

Aca

"If you use a supply and demand graph to show the labor market, then this interpretation is a bad one. You have a supply of labor that exists before the fall in aggregate demand. This supply of labor does not shrink when aggregate demand falls — the number of people willing and able to provide their labor remains the same (or, may even grow, if new laborers are willing and able to enter the market). If we assume full employment at the original level of demand, then the bracket (on the above graph) showing the change in the quantity of labor employed represents the number of unemployed in a depressed market."

Daniel Kuehn coincide

Thinking in a macro way

Aca

Fiat money is logically prior to capital

Aca

Jared Bernstein sobre el estímulo

Interesantes observaciones:

"Numerous people who edited the memo judged the $1.8 trillion stimulus number on which Scheiber focuses to be implausible, and not just in optical and political terms, but in implementation and market terms.

The final memo that went to the President-elect makes this point: “To accomplish a more significant reduction in the output gap would require stimulus of well over $1 trillion–which would likely not accomplish the goal because of the impact it would have on markets.”"

"Keynesian economics is not as simple as measuring a hole and filling it up. The implementation constraints I noted above were real, especially if you’re concerned with the capacity of the economy to absorb the stimulus in a useful manner, not to mention the requisite accountability in tracking the bucks. And remember, there was a lot of other stimulus going on at the time, including monetary policy and in credit markets (TARP). I’m not arguing that $800 billion was the “right” number, nor that $1.8 trillion was “wrong.” But there’s more to this than measuring a hole."

miércoles, 22 de febrero de 2012

Money as a store of wealth?

Nick Rowe. Comenta David Beckworth

Why does manufacturing matter? Which manufacturing matters?

Estudio de Brookings

The uneven spread of industrialization

Lecturas de Brad DeLong

Understanding the financial crisis: Inside "the secret laboratory of the bourgeoisie"

Aca

Interés y ganancias en Smith, Ricardo y Marx

Aca

Budgeting and macroeconomic policy

Brad DeLong

Karl Smith y Brad DeLong sobre la teoría austriaca de los ciclos

Aca

Fiddling in euroland as the global meltdown nears

Análisis del Levy Institute

There is no unemployment in a non-monetary economy

Aca

Sociopaths, closed minds and a bit of Mayan cosmology.

Money, reserves, and the transmission of monetary policy: Does the money multiplier exist?

Did Krugman understate the fiscal multiplier

Scott Sumner

Price markup over labor costs

Tyler Cowen y Arnold Kling. Restraining unit labor costs is a right-wing conspiracy

Karl Smith

Are macroeconomic methods politically biased?

Aca

Where does money come from?

Aca

jueves, 16 de febrero de 2012

domingo, 12 de febrero de 2012

Sobre el patrón oro

David Glasner

The Economist

What government ought to do

Serie de Randall Wray tomando como base los principios de MMT

Introducción

Debate sobre el PIB potencial

Sobre un discurso de Jim Bullard de la Fed de St. Louis

Krugman

Tim Duy

Tyler Cowen

Noah Smith

James Bullard responde

Tim Duy y Mark Thoma. Paul Krugman comenta. Y EconoSpeak

Scott Sumner

Karl Smith

Crítica a la forma de medir la brecha del producto. Karl Smith

The potential output debate and the older natural rate and NAIRU debates

Mark Thoma sobre la medición de la brecha del producto. Crítica a Thoma

Life on the Philips curve

The british industrial revolution in global perspective

Aca

Reason, GDP and capital

Interesantes reflexiones

Why not abolish the Fed and return to the gold standard?

James Hamilton