« Rhetorical numbers | Main | Want to shape the G20 agenda? »

January 26, 2009

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c891753ef010536f896b0970c

Listed below are links to weblogs that reference Reading between the lines: a stimulus consensus?:

Comments

Walt French

Hank and Ben tried it and it didn't work. Look at the crap that the Fed put onto its balance sheet -- hundreds of billions of "high-quality private debt and especially new securitized debt." (Well, maybe not the "high quality" part, unless you take now-explicitly-backed mortgages as "high quality" without the subsidy of a newly minted guarantee.)

Really, what standards would one use to judge the success of a program? And why, if you've subsidized banks to the tune of $350 billion plus without visible success (e.g., lending, jobs, ...) would you be too fussy about trying something more?

Lord

One does wonder if they should be buying automaker debt. If the industry is not being allowed to fail, then there can't be anything safer right? ;-)

Carlos Ibarra

The difference lies in the likely effect on aggregate demand: if the government issues debt to build a road, then aggregate demand and therefore activity levels will certainly rise; if the government issues debt, not to buy goods and services but rather to buy private debt, will the private sector respond by increasing its demand for goods and services? Under the current circumstances, that's very unlikely--right now there is a strong incentive for precautionary saving.

J. Bradford DeLong

I think that there is a significant difference between Cochrane and Krugman. Krugman says that we should try everything that might work to some degree--monetary policy, fiscal policy, credit policy a la Bernanke-Gertler. Cochrane says that fiscal policy and credit policy can only work to the extent that they are really monetary policy in disguise. I suppose that you can define things so that what Cochrane says is not in conflict with what Krugman says, but I don't see why you should strain to do so...

Declan Trott

Cochrane argues that government spending financed by borrowing from the public (not the central bank) would be ineffective. I don't think Krugman would agree.

paine

my god
feet of clay ???

or
are you devil possessed ???

or better is the real doc dani
right in limbo somewhere
his body snatched
maybe

his souls drivers spot
now occupied
by a digital device
a homunculus
build by the
governing green squids
of wall street

has the ghost of paul winchell
turned you into
a new knuckle head smiff
to partner up
with greg mankiw
as jerry mahoney ???

yes lets make the fed
lead all sorts of
shuffles to the consolidated
social balance sheet

busy busy busy gentle ben

lots of payment
amounts timing
sources and pathway changes

and all nearly at once
like the changes
we get of train schedules on that big cube in the penn station


in particular lets
fed up
the massive burden shift
from strapped
wage earning households
to their uncle sam

that
makes crystal clear
blue sky sense to me
-among other
geniuses in life's ruff --

but are u prepared
to say
doctor dani
we can induce a
swift and satisfactory
global recovery
or at least a full recovery of
this indespensible nation's job markets
simply by some massive
fed re fi fiddle ??

don't somebody named Sam
the uber agent --the one player above risk and uncertainty--
gotta spend as well as borrow ???

okay so i miss the point here maybe..

maybe you're just showing us the finance side
of a huge federal
tax cut plan
able to generate
treasury notes
up the wa wa
just as the global
portfolio herd of independent movers and shakers
in high flight fright
come
uncle iou buyin'
plus buying up lots of toxic junk and such
oh now i'm sinking again

i must return to my
hidden fortress and stew


may

paine

" I suppose that you can define things so that what Cochrane says is not in conflict with what Krugman says, but I don't see why you should strain to do so..."
thus spackles
pugsley delong
a noble enterprise
none the less Mr R

i recall leibnitz
tried defining away
the host issue
that divided
german
lutherans from
their papist coutrymen

not sure he succeeded

are they now merged ???

wiki is unclear on this

paine

btw
i'd rather see uncle sucker
buy the junk out right then simply back it

guraantees mean uncle only pays the loses
a pure sap role
whereas
if gentle ben
builds a
five trillion dollar
yukka mountain
stuffed full
of the global's dollar based toxic paper
some of it will "come thru " eh ??

Punditus Maximus

This is kinda dumb -- our fundamental problem isn't a business cycle transition, it's the fact that Galbraith was right. We have two economies, one of small entities which act competitively and one of large entities which act noncompetitively (internally, if not externally). This has lead to the rise of a managerial class focused on extracting wealth from large organizations, rather than creating wealth.

No amount of fiscal or monetary stimulus can correct this; it represents a violation of our models' basic assumptions. If the principal-agent problem drives our economic woes, then free market solutions will do nothing to solve it, other than provide more rent-seeking opportunities.

D

Great post!!! Thanks for coming back!

Nathan Smith

"other things the Fed could do [are] controversial, precisely because, unlike conventional monetary policy, they involve picking and choosing among potentially risky investments"

Now, imagine that Social Security reform had passed, in the following form: instead of getting vague, revocable claims to future benefits, people get, in return for their payroll taxes, Treasury bills, over which they have property rights, albeit they can't fully exercise them until retirement.

Now, the crisis hits, and you have a *new fiscal policy tool*, namely: allow people to diversify (some of) their Social Security private accounts out of Treasury bonds into stocks and private bonds. Now a lot more Treasury bonds are on the market, helping satisfy portfolio and precautionary demand for secure financial instruments, and new money goes to Corporate America and to shareholders to invest or consume. And the Fed doesn't have to make the discretionary decisions, but these are made in a decentralized fashion by fund managers.

It was a great idea. Too bad Democrats sacrificed us to their FDR cult.

Youri Kemp

To Paine,

Lovely
For twas best
the matter of fact
The rest was a matter of loss

Youri
http://globalviewtoday.blogspot.com/

Brett

Cochrane argues that government spending financed by borrowing from the public (not the central bank) would be ineffective.

I'm wondering about that, myself. One of the reasons why the US originally got a National Bank back in the immediate post-colonial era was so that the government could borrow from them in bad times, and in times of war (the Brits were doing it).

Could the Fed do something like that? Borrow money from the Treasury, then lend it out at a higher interest rate to the US government? Obviously you'd be running the risk of inflation, since it amounts to basically printing money, but you could maybe get away with it for a short while (particularly since the dollar is the world's reserve currency).

gordon

Cochrane sounds as though he is feeling his way toward the idea of a national bank as has been proposed at this Angry Bear post
http://angrybear.blogspot.com/2009/01/bernanke-had-thought-then-another-and.html
I have seen support for this idea in comments on Economist's View, too, though Prof. Thoma hasn't posted on it as far as I know.

I'm a supporter; it seems like a better idea than the "chaotic bailouts" that Cochrane complains about and at least as good as nationalisation. I fear, however, that both the Obama Adminstration and the Democrats in Congress all still have a long way to travel before such options can be taken seriously.

penis enlargement

The best recommended products for fast penis enlargement methods to get better results with no side effect visit: http://www.pennisenlargementproducts.com

rolex watches

I am sure that there are others that I am missing, so if you know of any studies that are not included in my list, do send me a line and I will add a link.http://www.watchgy.com/
http://www.watchgy.com/tag-heuer-c-24.html
http://www.watchgy.com/patek-philippe-c-22.html

Tag Heuer Watches

I am sure that there are others that I am missing, so if you know of any studies that are not included in my list, do send me a line and I will add a link.http://www.watchgy.com/
http://www.watchgy.com/tag-heuer-c-24.html
http://www.watchgy.com/patek-philippe-c-22.html

Tag Heuer Watches

I am sure that there are others that I am missing, so if you know of any studies that are not included in my list, do send me a line and I will add a link.http://www.watchgy.com/
http://www.watchgy.com/tag-heuer-c-24.html
http://www.watchgy.com/patek-philippe-c-22.html

rolex watches

This is clearly replica watches the job for our legal fraternity to engage the establishment to necessary breitling watches steps by filing petitions in various courts. IF one fails another should be cartier watches filed taking every one to task. It is rolex watches useless to suggest ways and means to solve tag heuer watches the day to day problem to well paid employees tissot watches of government controlled establishments. Only active omega watches judiciary will resolve this problem.
http://www.watchvisa.com
http://www.watchvisa.com/breitling-watches.html
http://www.watchvisa.com/cartier-watches.html

rado watches

Why is everyone just montblanc watches willing to accept power cuts? Don't you think that patek philippe watches having continious power is your right? If people aren't going to demand rado watches 24X7 power, don't expect anything zenith watches to change. The government needs to look at other sources parmigiani watches of power generation. The only solution is more power panerai watches production. Nothing less.
http://www.watchvisa.com/montblanc-watches.html
http://www.watchvisa.com/patek_philippe-watches.html
http://www.watchvisa.com/rado-watches.html
http://www.watchvisa.com/tudor-watches.html

bvlgari watches

They should take up building BVLGARI Watches dams for power generation. We should FRANCK MULLER watches learn from china. They have the world's largest dam for power CHANEL Watches production, it alone produces 22,000 MW of LONGINES Watch power. So, unless the government opens up the economy more for iwc watches foreign investors, this power cut problem is a life long disease every hublot-watches india will need to face.
http://www.watchvisa.com/bvlgari-watches.html
http://www.watchvisa.com/chanel-watches.html
http://www.watchvisa.com/franck_muller-watches.html

Supra Skytop Black Grey

Cochrane argues that government spending financed by borrowing from the public (not the central bank) would be ineffective. I don't think Krugman would agree.

dunk shoes

The good news, thank you!
Not everyone can provide the appropriate flow of information, thanks.

replica watches

Very, very useful. Well-written. I only wish I had found the tutorial sooner. It would have saved me a lot of time.

classic glasses

Fantastic extension!
I am looking forward for the next updates of your awesome worship.

sousoushoes

http://www.sousoushoes.com I agree with this post. Hope this will have a positive change.http://www.tootoospace.com

Satellite TV for PC 2010

Great post!!! Thanks for coming back!

wikipedia.org

nice

ghd straighteners

GHD straighteners was kmown as ghd flat iron, which was authorized online seller provides all kinds of hair straighteners,pink ghd,purple ghd,babyliss. By visiting ghd australia , you will find what you want and made yourself more beautiful.If you miss it ,you miss beauty.Buy a piece of ghd for yourself.Come and join us http://www.ghdoutlet-au.com/ to win the ghd iv styler.

Costa Rica 4 retirement

Elderly people deserve a quality of life in old age. They have been people who have forged this effort and dedication we are living today. We offer the best of us and restore all the good they have done for our country

Gucci Shoes

Thanks for adding the new information, as well as your analysis. This is why your blog is one of the few I read that I also ever bother to comment on. I don't do it to hear myself talk - I do it because I know you actually listen.

birkenstock

Birkenstock was Made in Germany since 1774 . Check out our Birkenstock sandals and Birkenstock shoes including the Birkenstock gizeh,at the lowest regular outlet prices, free shipping and when you put on Birkenstocks. you will feel very comfortable.

Nike Air Jordan

The good news, thank you!

breitling replica watches

I am looking forward for the next updates of your awesome worship.

Tiffany Bangles

I was actually looking for this resource a few weeks back. Thanks for sharing with us your wisdom.This will absolutely going to help me in my projects .http://www.sale-nfl-jerseys.com

Cleveland Browns jerseys

Once again great post. You seem to have a good understanding of these themes.When I entering your blog,I felt this . Come on and keep writting your blog will be more attractive. To Your Success!
http://www.sale-nfl-jerseys.com
http://www.bestvibramfivefingers.com
http://www.pick-watches.com
http://www.tiffany-net.com/

who called me

In general the developed states want natural resources from the less developed states at favorable prices. The developing states want trade policies that encourage local business and nobody cares what the undeveloped states want since they have no clout.

p90x

sfeveloped states want natural resources from the less developed states at favorable prices. The devel

clothing stores

saquality of life in old age. They have been people who have forged this effort and dedication w

discount mbt shoes

The muscular system is not stimulated and forgets its function. The consequences of a loss of muscular function can be flat, spread or splayfeet. Hallux valgus and heel spurs can also be caused, in part, by incorrect footwear (high heels).
The MBT Sandals shoes is constructed to create a natural instability. The Masai Sensor is the first obstacle: landing is soft and feels uncertain. The sensomotoric system quickly reacts with the appropriate muscle activity, so that the foot joints are actively stabilized. The foot then rolls over the balancing section towards the toes. The active stability is maintained and the foot can roll off physiologically. Control over the rolling movement changes the stresses and strains on the foot. Increased muscle activity relieves the foot joints.
http://www.mbtshoes1998.com

jordan retro

This is clearly replica watches the job for our legal fraternity to engage the establishment to necessary breitling watches steps by filing petitions in various courts.

discount mbt shoes

MBT shoes disposal hip answer cold:
MBT shoes to wear only the rows of cold, rotation step foot in front of moving to do is build a launch interval, the hip flexor is stretched a little shop. Temper and stretch muscles to change arbitrarily effective joint stability, joint extension push to close section of reducing the pressure of reducing pain and sadness. Answer a few hip near buttock muscles because there is no balance due.
http://www.mbtshoes1998.com

http://www.mbtsandal.com

Your passion walker fitness or weight in different ways? Is there a better option is to [url=http://www.mbtsandal.com/mbt-mwalk-c-25.html]MBT M.WALK[/url] shoes. Your shoes will improve posture, strengthen the main battle tanks for sale many different muscles and help burn more calories. But you may decide to buy a stumbling block, the price is in his shoes. Not everyone can afford sneakers.The way, we main battle tank manufacturers, direct impact on our health. If we go straight to the Health and spinal cord is still the correct position of the knee. On the contrary, if we follow the wrong attitude, we have to have some physical pain.
So I decided to go to Marseilles, [url=http://www.mbtsandal.com/]MBT Kisumu Sandals[/url], barefoot shoes clean technology. The technology for the manufacture of main battle tanks and sports shoes.
Doctors and physical therapists are so fascinated, their ultimate use and recommend these [url=http://www.mbtsandal.com/]MBT Sandals[/url] shoes, their patients.

http://www.mbtsandal.com

[url=http://www.mbtsandal.com/]Cheap MBT Shoes[/url] shoes coach seems unlikely as the project caught the imagination of young fashion. With their thick, curved only sensible wide straps, they look like you need something, if you wear one leg shorter than another sort.
Despite its unique Africa and the United States, [url=http://www.mbtsandal.com/mbt-tariki-shoes-mens-black-p-97.html]Cheap MBT Tariki Shoes[/url] and trainers, in the past 8 years, is considered the modern-day any solution, answer questions from the lead back to your fat ass.

lachou

I like these articles , democratic countries formulate policies are both team and the interests of the people of power, but the undemocratic countries rarely for the interests of the people, http://www.jerseysky.com it is the sorrow of many democracy, I like the western and northern state policy.
http://www.cheapsaleing.com
http://www.nikeairmaxshoe.ocm

DSFSDF

1085033153PMhttp://silkroad4gold.com/ Silkroad Gold | http://silkroad4gold.com/ SRO Gold | http://silkroad4gold.com/ Silkroad online gold |

authentic jordans

Extremely great post, really beneficial stuff. Never thought I’d find the facts I would like in this article. I’ve been looking all over the net for some time now and was starting to get irritated. Thankfully, I stumbled onto your website and received exactly what I was looking for.

viagra online

Okay, tell me you are selling those pink plates. To me please. They are so lovely. I have never seen them before. What a great find! I've never seen a napkin holder like that. How awesomely cute! By the way, I just posted the photos today of the shop's opening. Yes Hard work, but so much fun.

Volumerates

Cochrane argues that government spending financed by borrowing from the public (not the central bank) would be ineffective. I don't think Krugman would agree.

Runescape powerleveling

Classic exposition, I have also mentioned it in my blog article. But it is a pity that almost no frienddiscussed it with me. I am very happy to see your article.

vertu

Really wonderful piece of information and I appreciate it that you share something so useful with the readers of this blog

Calvin Klein Eternity perume

his souls drivers spot
now occupied
by a digital device
a homunculus
build by the
governing green squids
of wall street

seo services

Hey,
Loving your blog, awesome tips on this you have here. I
would just like to ask you some questions privately, mind
contacting me at ,info@seobizlink.com
Thanks,
Mark

Omega Speedmaster

This article is really great, strong support.

Best buy USA

hi its seems like you have done a hard work on it. I have got lots of

information from your post. Really appreciate your work.!! It was

describe very nicely keep us doing good work..

Best buy USA

very useful written ...... i really like the article its awesome

tom

yes ,what you said is useful for our industry grow rapidly ,especially for the follow :http://www.vertublog.com
http://www.chanelblogs.com
http://www.lanvins.com
i wish the government can make effect method .

Best buy USA

would have saved me a lot of time.

Best buy USA

would have saved me a lot of time.

replica watches

useful for me thanks you u you

replica rolex

Promotions and incentives companies are constantly being asked to organise events and travel in all corners of the globe.

from http://www.showmywatch.com

micro sd

progressi tecnologici che hanno migliorato la loro funzionalità e precisione. Tuttavia, la raccolta firma originale di cellulari cect
cellulari dual sim orologi Bell & Ross è estremamente costoso per la gente comune. Non farti deluso in quanto vi sono diversi replica Bell & Ross orologi disponibili sul mercato. orologi imitazioni
orologi zenith
Anche se, tutti questi negozi non sono affidabili, ci sono alcuni tra quelli che reputati in grado di fornire i migliori orologi imitazione di qualità a prezzi ragionevoli.

rolex

This booklet describes its beginning in 1926, oysters and waterproof records. Then transferred to Swiss watch the production process described the oyster 150 furnace operation machine. Rolex watches price oyster situation clearly, company and its continued success. As I always said, many other companies constitute a beautiful watch. Rolex etc. Rolex watches, watch over a long period of time, this beautiful walk. They are difficult, in other words, explains the oyster, under the situation of many legends and durability. And wear Rolex watch, part of it, so we or our calm snob? Therefore, replica watches we self-glorification hole? You give yourself the copy of the work seriously when I forget, when I read a BBS, if someone says they don't wear in this case replica Rolex watches, because they don't want the wrong impression. Sometimes, their colleagues, sometimes families, Rolex but almost always worry about offence or some people seem a bit too strong, even attitude.

jackets


Just like everywhere else on our bodies, the feet are taken for granted until we have a problem with them. [b][url=http://www.monclerlife.com/]Moncler jackets[/url] [/b]When you think about it, they have a tough old time of it: [b][url=http://www.monclerlife.com/]moncler coats[/url] [/b]supporting our weight, taking us from a to b and squeezing into all sorts of weird and wonderful shapes, [b][url=http://www.monclerlife.com/]moncler sale[/url] [/b]often simply in the name of fashion. Something not widely known is that in the region of 70% of the population will have the medical condition of athletes foot at some time during their lives. [b][url=http://www.monclerlife.com/]Moncler[/url] [/b]It is transmitted through contact moncler men with a cut or abrasion on the bottom of the foot.In order to block the media’s mouth, [url=http://www.monclerlife.com/][b]Moncler jackets sale[/b][/url] josep guardiola simply lead to his ankle, by macy shovel injury after five days, Lionel messi has begun to personal training, but many of the players, including carles puyol does not hope messi too narrowly, rush back, let alone to let him attend early October Argentina international competition. [b][url=http://www.monclerlife.com/moncler-jackets-men-c-9.html]Moncler jackets Men[/url] [/b]But guardiola is appears big degree, he said he supports messi in Japan to play for your discount moncler country and I think he should be back, Lionel messi recovering well, and to play for your country. [url=http://www.monclerlife.com/moncler-jackets-women-c-0_10.html][b]moncler jackets women[/b][/url] At the beginning of last season, Barcelona had complained to the travel arrangements FIFA international players have become too full, and this seriously affected the team’s status, Lionel messi was the victim of one. Guardiola has repeatedly called for England international has said, now he is serious to actively support messi inconsistent play, [url=http://www.monclerlife.com/moncler-quincy-women-down-jackets-black-p-87.html][b]moncler jackets women black[/b][/url] don’t know this is really think, or just smoke flare.

Yumna

In my opinion, this post contents several things that can be referred as a good theory
Teak Garden Furniture | Indonesian Furniture | Indoor Teak Furniture.

Darto

I ran across search engines and find this blog that fulfill my needs. There is a thing I do not agree but It doesn't matter since I think it does not hurt the whole content.

Teak Garden Furniture

Your blog article is very intersting and fantastic,at the same time the blog theme is unique and perfect,great job.To your success.One of the more impressive blogs Ive seen. Thanks so much for keeping the internet classy for a change.

Teak Garden Furniture

Your blog article is very intersting and fantastic,at the same time the blog theme is unique and perfect,great job.To your success.One of the more impressive blogs Ive seen. Thanks so much for keeping the internet classy for a change.

watchforyou

Time ha inoltre aderito la vicenda umana del progetto, puoi caricare le tue foto o il testo e dire che sono normalmente difficili da esprimere a parole, faremo del nostro cellulari wifi
piumini moncler

Coach Wallets

The innovative design with super quality and shinny colors with different styles make clearance Coach Wallets on sale at coachoutletvip.com become one of the most popular brand wallets all over the world, content with coach mens wallet cheap on sale and discount coach purses for women. With help of multilayers inside design from cheap coach wallets outlet for sale, you can collect different kinds of cards and put money inside that you want to. I'm sure you'll find what you want among the great amount of clearance coach purses on sale here. Welcome to coach online store and buy them now. Enjoy the fashion world now.

pandora jewellery

Do you think similar work could be done in other democracies?

Emu Boots

The gun cabinet is a must-have for hunting and firearms enthusiasts, especially since most of them like showing off their collection. Wood gun cabinets, more often than not, is their preferred storage space for the assortment of weapons they have accumulated over the years over the steel cabinets and safes because these are more pleasing to the eye, especially with their stained wood finish.

Account Deleted

Wholesale Beads Yes, there are other things the Fed could do — and it’s doing them, on an awesome scale.

Account Deleted

While the study of such literature obviously cannot be seen as an instant solution for the deep-seated cross-community divisions between Northern Ireland.....

Property Management Firms

Account Deleted

However, this demand can be satisfied in far greater quantity, much more quickly, much more reversibly, and without the danger of a fiscal collapse and inflation down the road, if the Fed and Treasury were simply to expand their operations of issuing treasury debt and money in exchange for high-quality private debt and especially new securitized debt

Account Deleted

Many places and centers offer business and trade promotions to both buyers and supplier.What about the differences in skill intensities across industries? The job losses in the relatively unskilled-labor intensive battery industry should have little effect on the relatively skilled-labor intensive machinery
sexshop
sexyshop
sexshop online
alongador peniano

Account Deleted

The positive comments and do well wishes are very motivational and greatly appreciated.


organic seo service

Tinnitustreat

How do you make a blog web site look this sick! E-mail me when you can and share your wisdom. Id appreciate it. tesla's free power device

Account Deleted

recover a powerpoint file

Good Post.It's really helpful & interesting

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment