Nick Rowe

Archive for Nick Rowe

Rowe Ruh Roh

Sorry, I was trying to come up with the analog of a Krugman Kontradiction for Nick Rowe, and this was it… Some of you may recall that I happily linked to Nick Rowe explaining just how nutty was Paul Krugman’s praise of a hypothetical bond vigilante attack on the US. (Remember, Brad DeLong had to […]

Potpourri

==> After reading my scathing critique, David Frum will wish he had added another axis of evil. ==> My interview on MMT matters. I am tough, but I am fair. (?) ==> Jerry O’Driscoll catches something that I noticed too: The Fed’s announcement seems to turn a ceiling into a floor. (HT2 the eagle-eyed von […]

One More on Cantillon for 2012

[UPDATE below.] Last post this year from me on Cantillon, with the usual disclaimer that if Paul Krugman jumps in, all options are back on the table… In another comment Bill Woolsey says: In my view, Richmond’s short quotation and your short quotation about Wall Street restaurants were very much wrong and focus on from […]

Clarification on Cantillon Effects

Steve Horwitz’s thoughts reinforced my own inkling that I should spell out what I had always filed away as “the Austrian point about Cantillon effects.” So the following is what I would have said, had you asked me a month ago. Note that I speak for myself, and I’m not even saying this is what […]

I Have a Deal for JP Koning, Scott Sumner, and Nick Rowe

JP Koning jumps into the fray on the Cantillon Effects debate. It occurred to Koning that if we’re going to argue over the issue, maybe we should actually see what Cantillon wrote? Very nice, JP. Let me focus on this aspect of Koning’s attempt to reach a peace treaty: While we don’t have to agree […]

You Might Be Talkin to a Market Monetarist If…

…you ask this clarifying question on his blog and you genuinely don’t know what answer to expect: Thanks Nick. One more from me please. (And I’m not asking these to trap you, I’m asking so I fairly recapitulate what your position is.) If the Fed were to suddenly dump its mortgage-backed securities and replace them […]

Potpourri

==> Nick Rowe agrees with me that Steve Landsburg’s analysis of paying down government debt is only true if we assume perfect certainty. (Steve I think would totally agree, and that’s why I said in my original post that this was an argument over specifying assumptions for the reader, not about the implications of those […]

DeLong Plugs Chink in Krugman’s Armor on Treasury Crash

You may recall that Krugman recently argued that an attack by the “invisible bond vigilantes” (the opposite of the confidence fairy, for those keeping track) would actually be good for the US economy, because it would weaken the USD and thus boost Aggregate Demand. I pointed out the problem with in normal English here. But […]