'But Mr. Ryan is sure that the dollar is being debased and won’t take no for an answer. In an attempt to create a gotcha moment, he waved a copy of a newspaper bearing the headline “Inflation Worries Spread” at the Fed chairman. But the gotcha actually went the other way. As Mr. Bernanke immediately pointed out, the article was about inflation in China and other emerging markets, not in the United States. And the Fed chairman declared, correctly, that “inflation made here in the U.S. is very, very low.”'
'In some theories, rules in monetary policy are interpreted as a method to restrict discretionary decisions of central bankers. These views entail an implicit assumption which inevitably depend on certain theories about the function of central banks as independent institutions' (...) 'A common sense statment today is, that no central bank wants fixed rules. Why, then, do we talk about fixed rules? 'Simplicity gives them their political appeal and power' (Tobin 1983, p. 508). According to the interpretation given by the NCM (New Classical Macroeconomic), Blinder pointed out: 'In case of modern incarnation of the rules versus discretion debate, based on time inconsistency, I have argued that things are starkly different. In my view, the academic literature has focused on either the wrong problem or a non problem and has proposed a variety of solutions that make little sense in the real world' (Blinder 1998, p. 50). At this point, the distinction 'rules versus discretion' applied to monetary theory by Kyland/Prescott (1977) and perpetuated by Barro/Gordon (1983) finally seems to be dead.' ...Against rigid rules - Keynes' economic theory... by Elke Muchlinski
Mr. Ryan said as much in Wednesday’s hearing, in which he declared that our currency “should be guided by the rule of law, not the rule of men.” A few years ago, my response would have been, say what? After all, even Milton Friedman saw the conduct of monetary policy as a technical issue, not a matter of principle; his complaint about the Fed’s role in the Great Depression was that it didn’t print enough money, not that it printed too much.
But then Friedman, who believed that it sometimes makes sense to let your currency depreciate, who urged Japan’s central bank to adopt a policy very similar to what the Fed is doing now, was a leftist by the standards of today’s G.O.P. ...Abraham Lincoln, Inflationist... by Paul Krugman
12.02.2011. (01:24)
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'And on bonuses... I'm afraid that the country will conclude this chancellor (George Osborne) has thrown in the towl in a face of extencive lobbying from people to whom he and his conservative collegues has just become to close and to cousy...' - Ed Balls, the shadow chancellor of the exchequer ...cracks in the coalition
12.02.2011. (16:03)
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@ repetitio... ne zastupam ideje Karla Marxa... ovdje, odmah na početku ti piše i zašto, barem što se tiče ekonomije. Za radikalnije 'marksističke' ideje zaslužan je Engels. za Hrvate je Marx rekao da su polu-narod ili tako nešto jer je Ban Josip Jelačić ugušio ustanak u Mađarskoj, a Marxu se to nije sviđalo. tekstovi su na engleskom jer ovakvih tekstova nema na hrvatskom. recimo, Paul Krugman i njegov blog su na engleskom... on je ljevičar, baš kao što sam i ja ljevičar, ali njegovo 'lijevo' je ono što se u Americi naziva 'liberal' i nije kontaminirano marksizmom, za razliku od dobrog dijela europske socijal-demokracije. i na kraju... ovo nije hrvatski blog... ovo je MOJ blog.
13.02.2011. (18:04)
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pooka
...Everybody expects the Inflation Inquisition!
'But Mr. Ryan is sure that the dollar is being debased and won’t take no for an answer. In an attempt to create a gotcha moment, he waved a copy of a newspaper bearing the headline “Inflation Worries Spread” at the Fed chairman. But the gotcha actually went the other way. As Mr. Bernanke immediately pointed out, the article was about inflation in China and other emerging markets, not in the United States. And the Fed chairman declared, correctly, that “inflation made here in the U.S. is very, very low.”'
...Abraham Lincoln, Inflationist
12.02.2011. (00:42) - - - - - promjene spremljene- uredi komentar - obriši komentar - prijavi ovaj komentar kao spam - zabrani komentiranje autoru ovog komentara- učitavam...
pooka
RULES VERSUS DISCRETION
'In some theories, rules in monetary policy are interpreted as a method to restrict discretionary decisions of central bankers. These views entail an implicit assumption which inevitably depend on certain theories about the function of central banks as independent institutions'
(...)
'A common sense statment today is, that no central bank wants fixed rules. Why, then, do we talk about fixed rules? 'Simplicity gives them their political appeal and power' (Tobin 1983, p. 508). According to the interpretation given by the NCM (New Classical Macroeconomic), Blinder pointed out: 'In case of modern incarnation of the rules versus discretion debate, based on time inconsistency, I have argued that things are starkly different. In my view, the academic literature has focused on either the wrong problem or a non problem and has proposed a variety of solutions that make little sense in the real world' (Blinder 1998, p. 50). At this point, the distinction 'rules versus discretion' applied to monetary theory by Kyland/Prescott (1977) and perpetuated by Barro/Gordon (1983) finally seems to be dead.'
...Against rigid rules - Keynes' economic theory... by Elke Muchlinski
Mr. Ryan said as much in Wednesday’s hearing, in which he declared that our currency “should be guided by the rule of law, not the rule of men.” A few years ago, my response would have been, say what? After all, even Milton Friedman saw the conduct of monetary policy as a technical issue, not a matter of principle; his complaint about the Fed’s role in the Great Depression was that it didn’t print enough money, not that it printed too much.
But then Friedman, who believed that it sometimes makes sense to let your currency depreciate, who urged Japan’s central bank to adopt a policy very similar to what the Fed is doing now, was a leftist by the standards of today’s G.O.P.
...Abraham Lincoln, Inflationist... by Paul Krugman
12.02.2011. (01:24) - - - - - promjene spremljene- uredi komentar - obriši komentar - prijavi ovaj komentar kao spam - zabrani komentiranje autoru ovog komentara- učitavam...
pooka
elem,
evo prvo War and non-remembrance... by Paul Krugman...
kao reakcija na...
Government Spending Is No Free Lunch... by Robert J. Barro ...
a na kraju i dokaz moje ideološke pravovjernosti...
SS TINSTAFL... by pooka
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pooka
... uh... preciznije... SS TINSTAFL... by pooka
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dejmon
Vrlo vrijedna saznanja isčitavam uz jutarnju kavu.
12.02.2011. (09:34) - - - - - promjene spremljene- uredi komentar - obriši komentar - prijavi ovaj komentar kao spam - zabrani komentiranje autoru ovog komentara- učitavam...
pooka
...Democracy really is the worst system there is, except for all the others.
12.02.2011. (10:38) - - - - - promjene spremljene- uredi komentar - obriši komentar - prijavi ovaj komentar kao spam - zabrani komentiranje autoru ovog komentara- učitavam...
pooka
...London Calling... the war is declared
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pooka
'And on bonuses... I'm afraid that the country will conclude this chancellor (George Osborne) has thrown in the towl in a face of extencive lobbying from people to whom he and his conservative collegues has just become to close and to cousy...' - Ed Balls, the shadow chancellor of the exchequer
...cracks in the coalition
12.02.2011. (16:03) - - - - - promjene spremljene- uredi komentar - obriši komentar - prijavi ovaj komentar kao spam - zabrani komentiranje autoru ovog komentara- učitavam...
pooka
@ repetitio... ne zastupam ideje Karla Marxa... ovdje, odmah na početku ti piše i zašto, barem što se tiče ekonomije. Za radikalnije 'marksističke' ideje zaslužan je Engels. za Hrvate je Marx rekao da su polu-narod ili tako nešto jer je Ban Josip Jelačić ugušio ustanak u Mađarskoj, a Marxu se to nije sviđalo. tekstovi su na engleskom jer ovakvih tekstova nema na hrvatskom. recimo, Paul Krugman i njegov blog su na engleskom... on je ljevičar, baš kao što sam i ja ljevičar, ali njegovo 'lijevo' je ono što se u Americi naziva 'liberal' i nije kontaminirano marksizmom, za razliku od dobrog dijela europske socijal-demokracije.
i na kraju... ovo nije hrvatski blog... ovo je MOJ blog.
13.02.2011. (18:04) - - - - - promjene spremljene- uredi komentar - obriši komentar - prijavi ovaj komentar kao spam - zabrani komentiranje autoru ovog komentara- učitavam...