Market Monetarism

Archive for Market Monetarism

Murphy vs. the Market Monetarists

It is a dirty rotten lie when people say I just go after Krugman. In my latest for Mises.org, I have a long critique of Scott Sumner and Kevin Erdmann’s narrative of the housing boom/bust. An excerpt: On the face of it, Erdmann is trying to demonstrate that if we use an objective measure, then […]

Austrians Are From Mars, Market Monetarists Are From Venus

What we’ve got here is failure to communicate. Somehow, Scott Sumner thought Austrians back in 2009 were claiming that the malinvestments of the housing boom “would remain empty for decades.” You can skim the comments at the link to see the twists and turns when I tried to get to the bottom of this assertion. […]

Market Monetarists: The Good, the Bad, and the Ugly

Actually my title doesn’t really make sense; I couldn’t think of anything clever. I really liked this David Beckworth post, talking about the breakdown of the Fed’s “floor system.” In fact, I liked it so much that I based my article in the forthcoming issue of The Lara-Murphy Report on it. So score +1 for […]

Fun With Graphs! Murphy vs. Erdmann

I don’t want to put too much stock in this post. My main point is to demonstrate that you can tell just about any story you want, if you play with FRED long enough. This is why Russ Roberts asks people when they present their slides showing p-values: “How many regressions did you run before […]

“Total Spending” Is Not the Same Thing as NGDP

Amongst my other problems with the market monetarist approach, is the frequent claim that they just want to maintain “total spending” or the “volume of the spending stream.” No, that’s not correct. Nominal GDP is smaller than total expenditures each year. I was reminded of this when I listened to Mark Skousen explain to Tom […]

I Throw Scott Sumner Under the Bus

In a recent EconLog post, Scott writes: You are about to take a bus from Zurich to Milan, right over the Alps. You have three buses to choose from: 1. Bus A is a self-driving machine, fitted with a rear-mounted camera and the latest automatic steering mechanism, designed by noted Swiss engineer Johan Taylor. When […]

Nomination

I put forward my own name for Best Troll on an Economics Blog in 2016. Here’s but one example. Now look, there are some master trolls who hang out at Landsburg’s blog, and there are arguable professionals at Marginal Revolution. So I’m not asking that I win. All I ask, is that you don’t ding […]

Developing Story: Leading Market Monetarist Rebukes Christian

Recently Scott Sumner focused his attention on 1946 (here and here), which (he claimed) was quite embarrassing for Keynesians. This is the opening of his second post, which gives a flavor of his analysis: Over at Econlog I did a post discussing the austerity of 1946. The Federal deficit swung from over 20% of GDP […]