BNY Mellon Suggests A Brighter Future—And Why Not? Because of the Fed and...
A Benjamin Cole post Of the many lamentable aspects of modern macroeconomics is the cowardly defeatism, that only slow growth is possible, and if not that, then advisable. So welcome is a recent white...
View ArticleThe Japan Story
A Benjamin Cole post If you don’t like quantitative easing, then consider this: The Nikkei 225, a broad measure of Japan’s stock market, is up 45.9% in the last 52 weeks. On May 20, official Japan...
View ArticleThe IMF Tells the Bank Of Japan To Hit The Gas? What About The U.S. Federal...
A Benjamin Cole post The International Monetary Fund on May 22 badgered the Bank of Japan to adopt a more-aggressive growth stance, even though the island nation posted Q1 real GDP growth of 2.4%, and...
View ArticleChina, Hong Kong and Singapore Sliding—Japan Not So Much. Beckworth and the...
A Benjamin Cole post China in recent years has kept its slowly rising yuan more or less pegged to the U.S. dollar, while Hong Kong has been explicitly pegged to greenbacks, and Singapore pegged its...
View ArticleThe Verboten Topic? Central Bank Monetizing Of Debt Works? QE: The Rodney...
A Benjamin Cole post The central bank strategy of buying bonds, usually government issue, is known as “quantitative easing.” As practiced, QE appears stimulative, while paying off bondholders with...
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QE and Business Investment: The VAR Evidence: Part 1
A Mark Sadowski post Mike Spence and Kevin Warsh, writing in the Wall Street Journal on Wednesday said: “We believe that QE [Quantitative Easing] has redirected capital from the real domestic economy...
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QE and Business Investment: The VAR Evidence: Part 2
A Mark Sadowski post In Part 1 we demonstrated that Value of Manufacturers’ Shipments for Capital Goods: Nondefense Capital Goods Excluding Aircraft Industries (ANXAVS) is a monthly frequency proxy for...
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QE and Business Investment: The VAR Evidence: Part 3
A Mark Sadowski post What we are going to do next is to construct three bivariate Vector Auto-Regression (VAR) models to generate Impulse Response Functions (IRFs) in order to show what a shock to the...
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Zombie Economics Will Never Die
A Benjamin Cole post The tight-money crowd is dominant in central-bank staffs, and so firmly (and self-perpetuatingly?) ensconced in such independent government sinecures that they look likely to...
View ArticleMichael Woodford Endorses A Tax-Cuts-And-QE-Regime
A Benjamin Cole post Since becoming a devout Market Monetarist, I have pondered not the goal but the how—how does the U.S. Federal Reserve and federal government meaningfully target nominal growth in...
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