tag:blogger.com,1999:blog-5713178645208582139.post4988278304168771426..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: An Open Letter to Congressman Paul RyanDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5713178645208582139.post-1611943532213323532011-05-19T05:29:11.383-05:002011-05-19T05:29:11.383-05:00I don't believe that Fed. Res. NGDP targeting ...I don't believe that Fed. Res. NGDP targeting will stabilize current dollar spending. The GDP figures are unable to capture the nature of our current problems associated with <b>employment, wealth, income, debt, and the rule of law</b><br /><br />Fundamentally we have a structural flow problem. This is something that the Fed. is unwilling to see. <br /><br />-It's not the # of jobs that Z.Perryhttps://www.blogger.com/profile/03911336570272529783noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-69955709263503498332011-05-18T15:11:07.984-05:002011-05-18T15:11:07.984-05:00@Lee:
I completely agree with Woolsey (and Josh H...@Lee:<br /><br />I completely agree with Woolsey (and Josh Hendrickson...and Keynes, for that matter) that the only operational definition of liquidity traps that makes sense is infinitely elastic demand for money, and that the zero bound is simply an artifact of how we choose to conduct monetary policy. That definition makes an actual liquidity trap pretty much impossible...and explains why theNIklas Blanchardhttp://www.modeledbehavior.comnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-58987222417529921882011-05-18T10:26:42.581-05:002011-05-18T10:26:42.581-05:00WARNING: OFF TOPIC
I was perusing some of Bill Wo...WARNING: OFF TOPIC<br /><br />I was perusing some of Bill Woolsey's early Monetary Freedom posts when I cam upon this little gem from 2009 (my italics):<br /><br />"As for the liquidity trap, it is almost certainly an <i>artifact</i> of 'conventional' monetary policy, particularly targeting interest rates, but also from limiting open market operations to Treasury bills. A Lee Kellynoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-56791915454362757412011-05-17T12:01:33.937-05:002011-05-17T12:01:33.937-05:00Good post. I can't understand the current fad ...Good post. I can't understand the current fad of Fed-bashing, when the core CPI is under two percent, and some say the CPI overstates inflation anyway.<br /><br />The NGDP targets appear to offer a path forward, and certainly we should try NGDP for 10 years or so, and then evaluate.<br /><br />In the meantime, and immediately, we need to take steps to avoid becoming the United States of Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.com