Monetary Realism

Understanding The Modern Monetary System…

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Scott Sumner has a New Job

Scott Sumner has a new job where he will be free to focus on monetary policy and NGDP futures. Good for him. NGDP isn’t a terrible way to help think about monetary policy. However, NGDP futures are a dead end. They cannot work. I feel a bit bad for the person who is funding Scott S… Read More

Why so down, Oil?

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You’ve seen the charts on oil, and they are grim. Oil fell over 10% after OPEC announced they were not cutting production, and this is after an already dramatic drop since July. Some people are saying it’s all supply related – that we have a glut of oil now (or maybe a glut of high… Read More

Inflation Fears and a Coin Flip

Steve Waldman has a new post up on why rich people, and not so rich people, might prefer hard money over greater wealth. This post was a response to Paul Krugman, and Cullen adds some good thoughts too. Here’s Steve: ““Full employment” means ungrateful job receivers have the capacity to make demands that could blunt… Read More