1,682 days and all's well

1,682 days and all's well

| business cycle, charts, Federal Reserve, gold, Great Depression, Milton Friedman, quantitative easing, sterilization, stock market and equities, zero lower bound

1,682 is the number of days that the Dow Jones Industrial Average has spent rising since hitting rock bottom back in March 6, 2009. It also ...

Medieval QE

Medieval QE

| agio, coins, convenience yield, liquidity premium, moneyness, quantitative easing, seigniorage

Hand operated rolling mill, for putting the edge impression on to coins I've been reading about the medieval monetary system lately. Wha...

Woodford's forward guidance—why not use forward contracts instead?

Woodford's forward guidance—why not use forward contracts instead?

| convenience yield, forward guidance, Michael Woodford, quantitative easing, zero lower bound

...once the supply of reserves is sufficient to drive the short-term riskless rate to zero..., there is no reason to expect further increase...

Give Bernanke a long enough lever and a fulcrum on which to place it, and he'll move NGDP

Give Bernanke a long enough lever and a fulcrum on which to place it, and he'll move NGDP

| inflation, market monetarism, Mike Sproul, Miles Kimball, Nick Rowe, open market operations, Paul Krugman, quantitative easing, Scott Sumner, zero lower bound

I'm running into a lot of central bank doubt lately. Mike Sax and Unlearning Economics , for instance, both question the ability of the...

Google as monetary superpower — a parable

Google as monetary superpower — a parable

| Federal Reserve, hot potato effect, liquidity premium, moneyness, nominal interest rates, open market operations, quantitative easing, quantity theory of money, stock market and equities

In trying to understand how modern monetary policy works, I find it useful to create parables, or alternate monetary worlds, and put them th...