tag:blogger.com,1999:blog-2499715909956774229.post113359625204965849..comments2024-03-22T22:37:02.639-07:00Comments on Stephen Williamson: New Monetarist Economics: More Neo-FisherStephen Williamsonhttp://www.blogger.com/profile/01434465858419028592noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2499715909956774229.post-68107568058953528692016-07-20T15:06:14.545-07:002016-07-20T15:06:14.545-07:00I know you don't endorse them, not my first ti...I know you don't endorse them, not my first time reading you, hence my sympathy for your having to argue from their assumptions. You may be tough on NK on (i). Capital is difficult for everyone, not only them; it justifies most ad hoc assumptions in everybody's models. (ii) is embarrassing and in my experience, the majority of macroeconomists are not aware of it. In fact, I seem to recollect an exchange between you and Noah where you said this and he answered: no. Anonymoushttps://www.blogger.com/profile/02938200593885773394noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-10788476310091401212016-07-20T14:03:01.152-07:002016-07-20T14:03:01.152-07:00I'm not endorsing these models. Just want to e...I'm not endorsing these models. Just want to evaluate the claims that people are making who work in that paradigm. NK has plenty of problems of course: (i) no assets, which makes it an odd choice for evaluating monetary policy; (ii) some arbitrary assumptions - e.g. pricing and demand-determined output.Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-33752045865822517662016-07-20T12:51:46.660-07:002016-07-20T12:51:46.660-07:00You are really getting bog down by NK stuff. I ima...You are really getting bog down by NK stuff. I imagine you must fell like screaming "THIS IS NOT A NK MODEL!"<br /><br />If you ever get the time or inclination, try reading https://sites.google.com/site/gillesbelanger514/home/IIR.pdf<br />It may actually cheer you up. It is Neo Fisherian in the long run, but without aggregate price rigidity (I pose that individual price rigidity does not carry to the aggregate, except for nominal interest rates.)<br />Anonymoushttps://www.blogger.com/profile/02938200593885773394noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-38411775250529121432016-07-19T20:53:21.990-07:002016-07-19T20:53:21.990-07:00Eventually time runs out for life itself. Are you ...Eventually time runs out for life itself. Are you sure zero leads to inflation? What if there is something in the way, hindering inflation creation? And what could that be? It could be the Fed paying interest on excess reserves. Zero does not lead to inflation if banks are restrained from lending. That is my take, Prof.Gary Andersonhttp://www.talkmarkets.com/content/us-markets/preserve-capital-relentless-slide-toward-deflation-and-negative-nominal-rates?post=84564&uid=4798noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-74088367846338465162016-07-19T01:57:38.841-07:002016-07-19T01:57:38.841-07:00Awesome post!!Awesome post!!Noah Smithhttps://www.blogger.com/profile/09093917601641588575noreply@blogger.com