Archive for Scott Sumner
Don’t Let Scott Sumner Write the History Books
Despite my title, this is actually a post about Brad DeLong, where I’ve noticed this trend the most. Now despite the recent unpleasantness, I’m not even criticizing DeLong in this post. I’m simply pointing out a rewriting of history that I am watching unfold before my very eyes, and I want to point this out [...]
Read moreAmerica’s Platinum Express
I have a question and a comment: ==> The “trillion dollar coin” thing is just because a billion is too little, and a quadrillion is too much, right? For example, there’s nothing to stop them from using this “option” but doing so by minting, say, 10 coins each with a face value of $100 billion? [...]
Read morePotpourri
==> I want to call your attention to a major UPDATE I made to my response to DeLong/Krugman, inspired by Nick Rowe’s thoughts on macroeconomic disputes. ==> Justin Merrill makes some good points about Cantillon Effects. One thing I had meant to mention myself: The people objecting to the “simplistic” Austrian critiques love to say, [...]
Read moreLearning From Brad DeLong and Paul Krugman
[UPDATE below.] Rather than have a long series of posts discussing the fallout from my (price) inflation bet with David R. Henderson, I decided to do one comprehensive reply to Brad DeLong and Paul Krugman. I had toyed with not even responding, but two things ruled that out: (1) This isn’t a case of two [...]
Read moreAs Usual, Sumner Ignores Micro
In this post Scott Sumner shows he would make a great talent agent: Back in 2009 I argued that only elite monetary economists should sit on the FOMC. Some of its current members are not even monetary economists, elite or otherwise. They are unqualified people serving in the most important economic policy position on the [...]
Read morePotpourri
==> Imitation is the sincerest form of flattery. Seeing how much it has bolstered my career, Greg Mankiw and Gene Callahan both try to catch Keynesian bloggers in self-righteous contradictions. I actually don’t think Mankiw’s point works very well, since Krugman clearly refers to “recovery” in his recent post whereas in 2003 the US wasn’t [...]
Read moreAnd to All a Good Night
You guys already know about this, but maybe you have someone on your list who’s been naughty and reading Scott Sumner or something. Also, I needed to break up the karaoke videos on my YouTube channel…
Read moreRichmond Fed President Can Talk the Talk on Cantillon Effects
Richmond Fed President Lacker dissented from the recent Fed decision, and said in part: “I also objected to the continuing purchase of agency mortgage-backed securities. If asset purchases are appropriate, the FOMC should confine its purchases to U.S. Treasury securities. Purchasing agency mortgage-backed securities can be expected to reduce borrowing rates for conforming home mortgages [...]
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