tag:blogger.com,1999:blog-582368152716771238.post4474632943423908329..comments2024-03-28T14:41:03.793-05:00Comments on The Grumpy Economist: Every era’s monetary and financial institutions are unimaginable until they’re realJohn H. Cochranehttp://www.blogger.com/profile/04842601651429471525noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-582368152716771238.post-40851540482156417392019-07-26T09:19:23.831-05:002019-07-26T09:19:23.831-05:00The word "dollar" even pre-dates the col...The word "dollar" even pre-dates the colonial usage! It comes from the 16th century Bohemian coins called "joachimsthalers," named after the mine at Joachimsthal.Stoneybatternoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-43107240355433960012019-07-25T01:01:55.446-05:002019-07-25T01:01:55.446-05:00In many ways this is one Cochrane's most enerv...In many ways this is one Cochrane's most enervating posts. <br /><br />Highly intelligent and well-informed economists may hold beliefs dear and true, and which are vociferously argued, but which are abandoned for new ones, perhaps more than once in a life time. <br /><br />I am reminded that the very smart, highly regarded Martin Feldstein spend decades warning of higher inflation and interest rates pending, with a hint of doom in his outlooks. For that matter, so did and has Paul Volcker. <br /><br />Perhaps in my lifetime I will see the embrace of money-financed fiscal programs. <br /><br />What makes more sense: trying to stimulate the US economy by pushing on various levers and gadgets inside the supremely unwieldy Federal Reserve and global commercial banking and capital system...or cutting taxes on wages on domestic residents, offset by Treasury issuing and central bank buying of bonds? Or dispense with the bond-buying-selling, and just have the Treasury print money to offset tax cuts on people who will spend their own earnings.<br /><br />I wonder what causes inflation. <br /><br />Heresy? Well...the idea of the Bank of Japan buying back half that ntion's heroic Mt. Everest pile of JGBs, pegging interest rates at zero, running national budget deficits and hitting nearly zero inflation would have been heresy when I went to school (which was after my college campus was wired for electricity). All this when there are 162 job opening per job hunter in Japan. Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-68507001421429503892019-07-24T21:31:47.668-05:002019-07-24T21:31:47.668-05:00This time is not different?This time is not different?Matt Younghttps://www.blogger.com/profile/08404998406161097199noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-57327674112163809002019-07-24T17:20:03.248-05:002019-07-24T17:20:03.248-05:00It sounds like you are not a fan of the market mon...It sounds like you are not a fan of the market monetarist view! Have you published an explanation of your views there that would be worth reading?Johnhttps://www.blogger.com/profile/18312224023541798450noreply@blogger.com