Celebrating humanity's flourishing through the spread of capitalism and the rule of law
15 Nov 2023 Leave a comment
in business cycles, economics of bureaucracy, financial economics, fiscal policy, inflation targeting, macroeconomics, monetary economics, Public Choice Tags: monetary policy
It was in mid-August that this particular bit of shameless Reserve Bank spin got going. From a post in late August It proved to be nonsense of course. Once we had access to the short little IMF piece, published at the back of the Fund’s Article IV review, it was clear that it all amounted […]
Shameless central bankers
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment Tags: monetary policy
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, econometerics, economic history, financial economics, fiscal policy, great depression, great recession, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics Tags: monetary policy
14 Nov 2023 Leave a comment
in applied price theory, Austrian economics, business cycles, comparative institutional analysis, econometerics, economic history, economics of education, economics of regulation, fiscal policy, great depression, history of economic thought, labour economics, liberalism, libertarianism, macroeconomics, Milton Friedman, monetarism, monetary economics Tags: monetary policy
11 Nov 2023 Leave a comment
in business cycles, currency unions, economic growth, macroeconomics
In economics, convergence theory is the common-sense observation that poor countries – in general – should grow faster than rich countries. But a general principle sometimes has exceptions, and that’s why I put together my anti-convergence club. If you look at members of that club, you’ll notice that when rich countries grow faster than poor […]
Why Is There Divergence Between the United States and Europe?
09 Nov 2023 Leave a comment
in budget deficits, business cycles, econometerics, economic growth, economic history, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, Milton Friedman, monetarism, monetary economics, public economics Tags: monetary policy
06 Nov 2023 Leave a comment
in business cycles, economic history, fiscal policy, great depression, history of economic thought, labour economics, macroeconomics, monetary economics, unemployment
One of my goals when launching this blog in 2011 was to revive interest in the important, but unfortunately neglected and largely forgotten, contributions to monetary and macroeconomic theory of Ralph Hawtrey. Two important books published within the last year have focused attention on Ralph Hawtrey: The Federal Reserve: A New History by Robert Hetzel, […]
Ralph Hawtrey, Part 1: An Overview of his Career
31 Oct 2023 Leave a comment
in Austrian economics, business cycles, history of economic thought, macroeconomics, monetary economics
When writing GOAT: Who is the Greatest Economist of all Time, and Why Does It Matter? I vowed I would write the whole truth. Not just that I agreed with everything I wrote (the case with every book), but I that I would relate all that I was thinking. Here is one part of the […]
*GOAT* on Friedrich A. Hayek and his delusions
26 Oct 2023 Leave a comment
in business cycles, economic growth, fiscal policy, international economics, macroeconomics, monetary economics
That was the title of a ten page piece published last week by the ANZ economics team (chief economist Sharon Zollner and one of her offsiders, who appears to be a temporary secondee from the Reserve Bank). You can find a link to the paper here. The gist is captured in the paper’s summary I […]
Finding external balance
19 Oct 2023 Leave a comment
in business cycles, economic history, economics of bureaucracy, inflation targeting, macroeconomics, monetary economics, politics - New Zealand, Public Choice Tags: monetary policy
Monday’s post was on the important place effective accountability must have when government agencies are given great discretionary power which – as is in the nature of any human institutions – they will at times exercise poorly. My particular focus is on the Reserve Bank, both because it is what I know best, because it […]
What should be done about the Reserve Bank?
14 Oct 2023 Leave a comment
in budget deficits, business cycles, fiscal policy, macroeconomics, monetary economics
Today, I’ll add an entry to my occasional reviews of interesting academic papers. The paper: “Price Level and Inflation Dynamics in Heterogeneous Agent Economies,” by Greg Kaplan, Georgios Nikolakoudis and Gianluca Violante. One of the many reasons I am excited about this paper is that it unites fiscal theory of the price level with heterogeneous agent…
Heterogeneous Agent Fiscal Theory
28 Sep 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, labour economics, macroeconomics, monetary economics, unemployment
09 Sep 2023 Leave a comment
in business cycles, macroeconomics, monetary economics Tags: monetary policy
A few months ago, RBNZ and Treasury made some pretty extraordinary claims about the appointment process for external members of the Monetary Policy Committee. Treasury had, in notes released under OIA, said that academic economists with an ongoing research interest in the area were considered conflicted for the MPC.Michael Reddell’s written a lot more on it…
Blackballing academics for the Monetary Policy Committee?
31 Aug 2023 Leave a comment
in business cycles, history of economic thought, macroeconomics Tags: creative destruction
29 Aug 2023 Leave a comment
in business cycles, macroeconomics, monetary economics
One of the great things about being a prominent organisation that releases complex material to select media under embargo is that you can get uncontested coverage in the first (and probably only) news cycle. Adrian Orr will have been glad of that when it came to the embargoed release yesterday (the public only got to […]
But we haven’t had a three year negative output gap
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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