Scott Sumner

Archive for Scott Sumner

Learning 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 […]

As 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 […]

Potpourri

==> 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 […]

And 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…

Richmond 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 […]

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 […]

Sumner Believes in Government-Created Bubbles and Ticking Time Bombs

This is kind of an inside baseball post, so if you don’t “get it,” just move on with your life. Anyway, those who read Scott Sumner closely, especially his incredulous responses to Austrian critics of the Fed, should be puzzled by his latest post in which Scott writes: Back in the early 1990s lots of […]

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 […]