He sure sounds like one here:
It is not Republicans in Congress that kept and are keeping the Federal Reserve from charging for reserve balances or engaging in more quantitative easing or targeting the nominal GDP growth path.
He can use IS-LM all he wants.
Well, DeLong wrote the famous paper on New Keynesians being New Monetarists - I guess the real New Monetarists are the Market Monetarists.ReplyDelete
He is very welcome on board!
The short answer is "yes". The minor differences are generally not worth arguing over, compared to the much bigger differences we see across the macroeconomic policy spectrum.ReplyDelete
He wants to do fiscal policy as well as monetary policy because: at current interest rates on government bonds, he believes many government investments would meet a positive CBA NPV>0 test; because he wants to be doubly sure to increase AD. Sounds reasonable to me.
Also, when he gets into the nitty gritty of how deficient AD can arise, he always emphasises monetary exchange, and hoarding money.ReplyDelete
Time to stop arguing, and recognise the big commonalities.
Nick, you are very, very tolerant. We are talking about KEYNESIANS here;-) But you are right - it seems like both DeLong and Krugman now are presenting views on Monetary policy that are quite monetarist.ReplyDelete
The language of market monetarists is sinking into the general economics lexicon, and the ideas are also permeating the economics world.ReplyDelete
Also see http://www.scribd.com/doc/69165529/Goldman-Sachs-Recommends-Fed-Boost-the-Economy
Goldman Sachs joins the Market Monetarists!
It’s really impossible to say, but I guess his popularity was huge but anyway, I am not really worried because I still have plenty of experts to follow especially to do with broker like OctaFX that I work under since they are all class with having excellent daily market updates by experts and is free to use, so I am able to keep eye on everything very easily and brings fair amount of rewards to me while they also have 24/5 support service which makes me even more comfortable.ReplyDelete