Friday, September 27, 2013

National Review and AEI: Hotbed of Market Monetarism

While I was away from blogging, two places that kept the Market Monetarism torch burning were the National Review and the American Enterprise Institute. Not everyone at these institutions are fans of Market Monetarism, but National Review Senior Editor Ramesh Ponnuru and AEI columnist Jim Pethokoukis are and produced some great articles. These two individuals happen to be highly influential conservative thought leaders. Thanks to them we are making some inroads on the right. Below are some of the pieces they wrote.

Ramesh Ponnuru:
  1. Will Obama Make the Fed Even Worse? 
  2. Cause for Depression
  3. Fed Should Target Spending Not Inflation
Jim Pethokoukis: 
  1. Right on Quantitative Easing
  2. Five Questions to Market Monetarists (including yours truly) Over Five Days
    • Question #1 on Monday: “QE is doing nothing since banks are just sitting on the money. Look at the huge increase in excess reserves! What’s the point? How is this boosting growth, exactly?” 
    • Question #2 on Tuesday: “Maybe the Fed is having a positive economic impact, but isn’t it just a sugar high, papering over or propping up a bad economy with easy money?”
    • Question #3 on Wednesday: “Why hasn’t QE been inflationary? 
    • Question #4 on Thursday: ”Does it matter if the Fed dials back its bond purchases if its balance sheet remains monstrously huge?
    • Question #5 on Friday: "Isn't this all just a form of central planning?
If you are are not already, be sure to follow their work.

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