Archive for February 4th, 2016

When Fed makes profits in a struggling business world..

February 4, 2016

One very wise (and largely forgotten) former central banker once remarked that when a central bank makes record profits when others are struggling, it is signs of serious concern. As most of this free income is passed onto the govt, it raises questions over independence and all that..

David Howden of Mises writes on similar thing happening with Federal Reserve:

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How Milton Friedman and Anna Schwartz became monetarists?

February 4, 2016

A superb paper by George S. Tavlas of Bank of Greece. Far more useful than several of those macro/monetary policy papers.

He tracks what led the Friedman/Schwartz duo to become monetarists. Friedman actually favored use of fiscal policy for stabilisation till 1940s. Then in the 1950s role of monetary factors started to make sense. There was also a huge role played by a FDIC economist Clark Warburton who has of course been forgotten. In many ways, Friedman’s core ideas came from Warburton:

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Tracking India’s economic progress via night lights

February 4, 2016

Superb post by Kwawu Mensan Gaba and Bruno Sánchez-Andrade Nuño of World Bank.

They link to this website which shows night lighting in India (and other countries) over last 20 years:

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