Thursday, September 01, 2011

Just worth reading

Read the whole thing and the comments.

2 Comments:

Blogger hbl said...

As you probably noticed in the comments of RSJ's post, we have both been covering this topic independently. RSJ does a more professional job of framing the concepts, but you might also be interested in the ways our coverage of this topic differ... I think my money supply endogeneity posts include some additional adjustment mechanisms beyond what RSJ described.

This is the most recent of the three, with four high-level adjustment mechanisms described in bullet points near the end of the post:

http://www.thoughtofferings.com/2011/06/visual-guide-to-endogenous-money-and.html

RSJ also provides good comments on some of the differences in our earlier posts here, though commenters on my blog posts have suggested they thought the broader model RSJ questioned the magnitude of does apply even in the US:

http://windyanabasis.wordpress.com/2011/04/27/addendum-to-pushing-on-a-string/#comment-58

I think we each have three posts on this now... in case you wanted more on the topic :)

1:02 PM  
OpenID windyanabasis said...

Thanks for the link, Winterspeak!

And yes, I enjoyed reading HBLs posts on this as well, and we managed to get some good discussions about this.

Btw, Stephen Williamson has also been making some of these points as well, and was actually engaged in a half-hearted way by Brad DeLong, who basically argued "even though the private sector is able to undo QE, it does not mean that it will."

IMO, this hasn't been given enough attention in the mainstream.

6:21 PM  

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