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Reuter’s Hayek vs Keynes debate
See the Reuters debate on Hayek vs Keynes. This concept is a great idea. I would love to see a Cassel vs Hayek debate or a Cassel vs Keynes debate. HT Michał Gamrot
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NGDP targeting would have prevented the Asian crisis
I have written a bit about boom, bust and bubbles recently. Not because I think we are heading for a new bubble – I think we are far from that – but because I am trying to explain why bubbles emerge...
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Expectations and the transmission mechanism – why didn’t anybody think of...
As I was writing my recent post on the discussion of the importance of expectations in the lead-lag structure in the monetary transmission mechanism I came think that is really somewhat odd how little...
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“Money neutrality”– normative rather than positive
When we study macroeconomic theory we are that we are taught about “money neutrality”. Normally money neutrality is seen as a certain feature of a given model. In traditional monetarist models monetary...
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Was the Geyser crisis caused by a negative supply shock?
I am writing this while having a small break between meetings and interviews in Reykjavik. It has been a great day, but also a busy day in Iceland’s capital for me. Today’s meetings and talks have been...
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Mario Rizzo on Austrian Business Cycle Theory
Mario Rizzo has an excellent post on Austrian Business Cycle Theory (ABCT). I think Mario do a good job explaining what ABCT is and what it is not. At the centre of Mario’s discussion is that monetary...
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Spain’s quasi-depression – an Austrian ‘bust’ or a monetary contraction? Or...
A couple of days ago I wrote a post on the behavior of prices in the ‘bust’ phase of an Austrian style business cycle. My argument was that the Austrian business cycle story basically is a supply side...
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China – my fear is a ”secondary deflation
China has certainly moved to the very top of the agenda in the financial markets this week and a lot of what is playing out in the Chinese markets is eerily similar to what happened in the US and...
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Beating the Iron Law of Public Choice – a reply to Peter Boettke
Studying Public Choice theory can be very depressing for would-be reformers as they learn about what we could call the Iron Law of Public Choice. The students of Public Choice theory will learn from...
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Ramblings on “neutral money” and the workings of the ‘monetary machinery’
I recently got reminded of an excellent quote from John Stuart Mill (The Principles of Political Economy with Some of Their Applications to Social Philosophy, 1848): “There cannot . . . be a more...
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F. A. Hayek on Brexit
I am in Munich today to do a presentation on Brexit at the European Institute COO-CFO Roundtable. As I was leaving home this morning I brought along Hayek’s classic The Road to Serfdom. I realized it...
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