macromarketmusings.blogspot.com - 17 days ago
—
As someone who believes that stabilizing nominal spending rather than inflation is key to macroeconomic stability, I have taken the liberty in the past to reframe U.S. macroeconomic history according to this perspective. Thus, I renamed (1) the " Great Inflation " that started in the mid-1960s ...
scienceblogs.com - 16 days ago
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Focusing on spending
Ezra Klein —
As Alex Tabarrok comments, David Beckworth manages to sum up a lot of recent economic history into this one figure.
What's interesting about this graph is that Beckworth places nominal spending at the center of the story, rather than GDP growth or, as the Federal Reserve would have it, inflation.
Nominally misguided (wonkish)
Paul Krugman —
David Beckworth has been getting a lot of attention with this figure on nominal spending: And it’s certainly suggestive. But I disagree with the interpretation that this shows that the current slump is mainly about insufficiently expansionary monetary policy. And more broadly, I think that efforts to make sense of recent events in terms of money velocity — such as, in particular, ...
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