Of course the empty chair at Jackson Hole [not Clint Eastwood] was Mario Draghi’s – as he works the phones to get his bond_band idea (which I think is a reasonably good one) agreed before next meeting against mainly German opposition from Jens Weidemann who has surely earned his associate professorship at Harvard by now and rumour has it that Angela has had enough of him.
No truth in the rumour that Herr Prof. Sinn is in line to succeed him at the Bundesbank!
More nonsense from Michael Woodford. You’d think at this point he’d finally stop trying to ply us with his self referential inward looking contortions of the New Keynesian Phillips Curve, but here we go again, despite his models having nothing to say about money, portfolio balancing, banks, credit, the financial crisis etc.
see quote below. i mean for the love of god.
“Nonetheless, it would undeniably be useful to be able to complement the
announcement of the target with measures that would create immediate movementtoward the target, without this movement depending entirely on the credibility of theachievement of the target — precisely in order to make the achievement of the target credible, whether it initially is or not.”
Is it possible to get Adam Posen’s response to Michael Woodford’s paper?
“….Jens Weidemann who has surely earned his associate professorship at Harvard by now…”
ROFLMAO!
@JMK
What happened to Arthur Laffer.
Jens has applied to join the Irish Labour Party. When elected, he will oppose everything, threaten to resign and in the national interest toe the line. FF refused his applcation as he is too clever by half.
Germany thinking of requesting a Bail-Out!
09/03/2012
Euro Crisis Starts to Bite
German Export Orders Fell Sharply in August
German exporters suffered their biggest drop in international orders in more than three years in August, according to a survey released on Monday. Retailers too are starting to feel the impact of the euro crisis. Europe’s largest economy, it seems, is losing its immunity to Europe’s debt problems.
Those ‘Objectivist’ Randites are everywhere – even on this blog – imagine Paul Ryan as US President and weep!
BTW Greenspan has actually been blackballed by some hardcore Randites due to softening after the crash … Certain sections of Academia are also riddled with them – should we call Ghost Busters?
Great Jackson Hole Cartoon
Eurozone
Draghi, the one true statesman
3 September 2012 Le Monde Paris
On 6 September, the European Central Bank President is expected to announce that his institution will attempt to resolve the Eurozone crisis by buring Spanish and Italian debt. Notwithstanding German opposition to this decision, Le Monde argues that it has the merit of defining a way forward for Europe.
This week, the President of the ECB should end the debate on bond purchases when he unveils the roadmap of the European Central Bank. In his standoff with the Bundesbank, Mario Draghi has used all his authority to save the single currency. And he has distinguished himself by his fervour.
… Mr Draghi has the support of German Chancellor Angela Merkel and French President François Hollande, who came a little closer over the summer. The purists at the Bundesbank are the only ones grumbling and about the risks of inflation. If they have nothing to offer to keep Spain and Italy from sinking, though, let them keep quiet!
You’re mixing your genres up. Randites are zombies, not ghosts (though some are certainly ghoulish, and all exhibit sociopathic tendencies).
The remedy is well-known.
@Mike Hall
Ta for link.
@EWI
Any ol remedy will do me for this dangerous kult. When CNN interviewed Trichet on McCarthy’s Letter Affair he finessed and then they called on a leading Randite – Constantin G [introduced as Finance Professor, Trinity College] to discuss the ‘Irish position’ … why not call on McCarthy?
Have you noticed the way An Taoiseach shrugs his right shoulder recently? Be afraid – be very afraid!
Those intellectual sepluchres in WY may be in for a nasty shock some day soon. They have this totally invalid model of economic activity in a real world with finite resources which they are attempting to force-feed to all and sundry. So are they a bunch of lying sons-of-bitches or clueless? It would be difficult to imagine that they are the latter.
Please do not expect any mainstream media outfit to speak or print the truth about stalled (and not soon to be re-started) economic ‘growth’. The legend is so much better. These things take time to make themselves manifest.
Most folk are like leaves in a wind – blowing about believing whatever they are told.
16 replies on “Jackson Hole Symposium 2012”
Ta for link.
Of course the empty chair at Jackson Hole [not Clint Eastwood] was Mario Draghi’s – as he works the phones to get his bond_band idea (which I think is a reasonably good one) agreed before next meeting against mainly German opposition from Jens Weidemann who has surely earned his associate professorship at Harvard by now and rumour has it that Angela has had enough of him.
No truth in the rumour that Herr Prof. Sinn is in line to succeed him at the Bundesbank!
More nonsense from Michael Woodford. You’d think at this point he’d finally stop trying to ply us with his self referential inward looking contortions of the New Keynesian Phillips Curve, but here we go again, despite his models having nothing to say about money, portfolio balancing, banks, credit, the financial crisis etc.
see quote below. i mean for the love of god.
“Nonetheless, it would undeniably be useful to be able to complement the
announcement of the target with measures that would create immediate movementtoward the target, without this movement depending entirely on the credibility of theachievement of the target — precisely in order to make the achievement of the target credible, whether it initially is or not.”
Is it possible to get Adam Posen’s response to Michael Woodford’s paper?
“….Jens Weidemann who has surely earned his associate professorship at Harvard by now…”
ROFLMAO!
@JMK
What happened to Arthur Laffer.
Jens has applied to join the Irish Labour Party. When elected, he will oppose everything, threaten to resign and in the national interest toe the line. FF refused his applcation as he is too clever by half.
Germany thinking of requesting a Bail-Out!
09/03/2012
Euro Crisis Starts to Bite
German Export Orders Fell Sharply in August
German exporters suffered their biggest drop in international orders in more than three years in August, according to a survey released on Monday. Retailers too are starting to feel the impact of the euro crisis. Europe’s largest economy, it seems, is losing its immunity to Europe’s debt problems.
http://www.spiegel.de/international/business/german-export-orders-fall-in-august-in-sign-of-economic-slowdown-a-853614.html
@ David O’Donnell
Of course the empty chair at Jackson Hole [not Clint Eastwood] was Mario Draghi’s
In that case, it’s joining Krugman, apparently blackballed for questioning Rand disciple Greenspan:
http://krugman.blogs.nytimes.com/2012/09/01/woodford-on-monetary-policy-sort-of-wonkish/
Jackson Hole – CARTOON OF THE DAY
Poor lonesome central bankers
3 September 2012 Le Vif/L’Express Brussels
http://www.presseurop.eu/en/content/cartoon/2629221-poor-lonesome-central-bankers
@ewi
Those ‘Objectivist’ Randites are everywhere – even on this blog – imagine Paul Ryan as US President and weep!
BTW Greenspan has actually been blackballed by some hardcore Randites due to softening after the crash … Certain sections of Academia are also riddled with them – should we call Ghost Busters?
Great Jackson Hole Cartoon
Eurozone
Draghi, the one true statesman
3 September 2012 Le Monde Paris
On 6 September, the European Central Bank President is expected to announce that his institution will attempt to resolve the Eurozone crisis by buring Spanish and Italian debt. Notwithstanding German opposition to this decision, Le Monde argues that it has the merit of defining a way forward for Europe.
This week, the President of the ECB should end the debate on bond purchases when he unveils the roadmap of the European Central Bank. In his standoff with the Bundesbank, Mario Draghi has used all his authority to save the single currency. And he has distinguished himself by his fervour.
… Mr Draghi has the support of German Chancellor Angela Merkel and French President François Hollande, who came a little closer over the summer. The purists at the Bundesbank are the only ones grumbling and about the risks of inflation. If they have nothing to offer to keep Spain and Italy from sinking, though, let them keep quiet!
http://www.presseurop.eu/en/content/article/2628741-draghi-one-true-statesman
The big picture from Doug Noland
http://www.prudentbear.com/index.php/creditbubblebulletinview?art_id=10702
Jackson Hole?
Here’s the one piece worth reading:
http://www.voxeu.com/article/jackson-hole-crisis-and-policy-responses-new-orthodoxy
(Australian macro economist Richard Wood)
@ David O’Donnell
You’re mixing your genres up. Randites are zombies, not ghosts (though some are certainly ghoulish, and all exhibit sociopathic tendencies).
The remedy is well-known.
@Mike Hall
Ta for link.
@EWI
Any ol remedy will do me for this dangerous kult. When CNN interviewed Trichet on McCarthy’s Letter Affair he finessed and then they called on a leading Randite – Constantin G [introduced as Finance Professor, Trinity College] to discuss the ‘Irish position’ … why not call on McCarthy?
Have you noticed the way An Taoiseach shrugs his right shoulder recently? Be afraid – be very afraid!
Those intellectual sepluchres in WY may be in for a nasty shock some day soon. They have this totally invalid model of economic activity in a real world with finite resources which they are attempting to force-feed to all and sundry. So are they a bunch of lying sons-of-bitches or clueless? It would be difficult to imagine that they are the latter.
Please do not expect any mainstream media outfit to speak or print the truth about stalled (and not soon to be re-started) economic ‘growth’. The legend is so much better. These things take time to make themselves manifest.
Most folk are like leaves in a wind – blowing about believing whatever they are told.