domingo, 31 de marzo de 2013
miércoles, 27 de marzo de 2013
miércoles, 20 de marzo de 2013
martes, 19 de marzo de 2013
domingo, 17 de marzo de 2013
Scott Sumner sobre el dinero
Sobre choques reales y monetarios: Dice que son los choques monetarios los que causan recesiones
Y explica por qué el dinero importa
Money and inflation. Part I
Part II: Why does fiat money have value?
Part III: The Quantity Theory of Money and the Great Inflation
Part V: It's almost all about expectations
Money and asset prices (the liquidity effect as epiphenomenon)El compilado de los posts sobre dinero
Bill Woolsey: Two framings for fiat currency
Sumner: Money and output (the Musical Chairs Model)
Y explica por qué el dinero importa
Money and inflation. Part I
Part II: Why does fiat money have value?
Part III: The Quantity Theory of Money and the Great Inflation
Part V: It's almost all about expectations
Money and asset prices (the liquidity effect as epiphenomenon)El compilado de los posts sobre dinero
Bill Woolsey: Two framings for fiat currency
Sumner: Money and output (the Musical Chairs Model)
viernes, 15 de marzo de 2013
jueves, 14 de marzo de 2013
miércoles, 13 de marzo de 2013
lunes, 11 de marzo de 2013
domingo, 10 de marzo de 2013
jueves, 7 de marzo de 2013
Bernanke sobre tasas de interés de largo plazo
El discurso
"... Let's recap. Long-term interest rates are the sum of expected inflation, expected real short-term interest rates, and a term premium. Expected inflation has been low and stable, reflecting central bank mandates and credibility as well as considerable resource slack in the major industrial economies. Real interest rates are expected to remain low, reflecting the weakness of the recovery in advanced economies (and possibly some downgrading of longer-term growth prospects as well). This weakness, all else being equal, dictates that monetary policy must remain accommodative if it is to support the recovery and reduce disinflationary risks. Put another way, at the present time the major industrial economies apparently cannot sustain significantly higher real rates of return; in that respect, central banks--so long as they are meeting their price stability mandates--have little choice but to take actions that keep nominal long-term rates relatively low, as suggested by the similarity in the levels of the rates shown in chart 1. Finally, term premiums are low or negative, reflecting a host of factors, including central bank actions in support of economic recovery. Thus, while the current constellation of long-term rates across many advanced countries has few precedents, it is not puzzling: It follows naturally from the economic circumstances of these countries and the implications of these circumstances for the policies of their central banks."
Comentario de James Hamilton
De Ryan Avent
Mark Thoma (y Neil Irwin)
David Beckworth
Joseph Gagnon: America needs more expansionary monetary policy
Paul Krugman
The Economist. Brad DeLong comenta. Y Antonio Fatás tambien, sobre el artículo de Rogoff
"... Let's recap. Long-term interest rates are the sum of expected inflation, expected real short-term interest rates, and a term premium. Expected inflation has been low and stable, reflecting central bank mandates and credibility as well as considerable resource slack in the major industrial economies. Real interest rates are expected to remain low, reflecting the weakness of the recovery in advanced economies (and possibly some downgrading of longer-term growth prospects as well). This weakness, all else being equal, dictates that monetary policy must remain accommodative if it is to support the recovery and reduce disinflationary risks. Put another way, at the present time the major industrial economies apparently cannot sustain significantly higher real rates of return; in that respect, central banks--so long as they are meeting their price stability mandates--have little choice but to take actions that keep nominal long-term rates relatively low, as suggested by the similarity in the levels of the rates shown in chart 1. Finally, term premiums are low or negative, reflecting a host of factors, including central bank actions in support of economic recovery. Thus, while the current constellation of long-term rates across many advanced countries has few precedents, it is not puzzling: It follows naturally from the economic circumstances of these countries and the implications of these circumstances for the policies of their central banks."
Comentario de James Hamilton
De Ryan Avent
Mark Thoma (y Neil Irwin)
David Beckworth
Joseph Gagnon: America needs more expansionary monetary policy
Paul Krugman
The Economist. Brad DeLong comenta. Y Antonio Fatás tambien, sobre el artículo de Rogoff
miércoles, 6 de marzo de 2013
martes, 5 de marzo de 2013
Keynes and Hawtrey
Primera parte.
Segunda parte: The Treatise on Money and discovering the multiplier.
Hayek vs Hawtrey on the trade cycle
Tercera parte: The General Theory
Cuarta parte: On british monetary policy after rejoining the gold standard
Quinta parte:On the rate of interest that matters
Liquidity trap or credit deadlock?
Sobre 'Good and bad trade' de Hawtrey
Segunda parte: The Treatise on Money and discovering the multiplier.
Hayek vs Hawtrey on the trade cycle
Tercera parte: The General Theory
Cuarta parte: On british monetary policy after rejoining the gold standard
Quinta parte:On the rate of interest that matters
Liquidity trap or credit deadlock?
Sobre 'Good and bad trade' de Hawtrey
lunes, 4 de marzo de 2013
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