Truth: Forcing and the Unnameable Kant's Subtractive Ontology Eight Theses on the Universal Logics of Appearance Being and Appearance Notes Towards a Thinking of Appearance The Transcendental Hegel and the Whole What makes Badiou a challenging figure is his insistence on the irreducible multiplicity of truths, encountered between philosophy, and science, art, politics and love.
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May 23, Chandra rated it liked it. Or, in other words, the animated documentary uses animation techniques and documen- tary aesthetics. The abstract nature of ani- mation leaves plenty of room for fantasy, preserving and advancing the ancient animist sense of the world. Goodreads helps you keep track of books you want to read. The structural pattern of milieu and character animation resembles a regular zigzag or an electrocardiogram of a calm and composed person.
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Theoretical Writings presents, in Badiou's own words, 'the theoretical core of [his] Philosophy'. Beginning with the controversial assertion that ontology is. About Theoretical Writings. Alain Badiou is arguable the most important and original philosopher working in France today. Swimming against the tide of.
Continue on UK site. But instead of doing so he continues: "But this hardly provides an argument in favour of a nominal income growth target. Indeed, in this case one would surely want to set the target growth rate for nominal income lower to reflect the lower rate of growth of supply, though by how much might be hard to judge. Here we see the dangers lurking in any comparison of alternative monetary policy norms that assumes as Bean's does here that deviations from some target inflation rate belong in the monetary authority's "loss function.
A central bank that sets a target for NGDP growth only to revise it in response to supply innovations so as to maintain a constant inflation rate is targeting inflation, not NGDP. Short, simple, and sweet: the framework is good old aggregate supply and demand, with diagrams and all. Read this before you try to work your way through either Bean's article or the New Keynesian works listed further on. Although he's mainly known for his contributions to the theory of bureaucracy, and to public choice theory more generally, Bill Niskanen, Cato's long-time chairman, was an all-round original thinker.
Nor did he neglect monetary economics , where his thinking led him straight into the nominal-spending stability fold. Like Robert Gordon before him, Niskanen differed from today's Market Monetarists mainly in preferring a nominal "final sales to domestic purchasers" target to a nominal GDP target. On the pros and cons of these alternatives, see this excellent Bill Woolsey post.
Using "a model of a closed economy with optimizing firms and households, monopolistic competition in both product and labor markets, and one-period nominal contracts," Kim and Henderson "derive optimal monetary stabilization rules and compare them to simple rules under both full and partial information. He starts this article by listing three "desiderata" of a monetary policy rule. These are 1 that the rule should avoid waste that might otherwise result from "sluggish" prices or wage rates and other "frictions"; 2 that it should maintain low and stable long-term inflation expectations; and 3 that it should promote financial stability.
He then proceeds to explain how a nominal GDP rule might achieve them all. Concerning price and wage rigidities, Koenig's argument is reminiscent of Myrdal's: "If it is primarily money wages that are sticky, not product prices," he observes, "then it will be optimal for monetary policymakers to try to avoid surprise changes in the market-clearing money wage and let product prices move up or down as needed to clear the labor and product markets. Sheedy's very thorough and carefully-reasoned study is concerned exclusively with the task of identifying a monetary regime best suited to an economy that relies on fixed "non-contingent" nominal debt contracts.
As such it takes up a theme first addressed in depth by Samuel Bailey 80 years earlier. Notwithstanding the passage of so much time, and Sheedy's far more formal framework, his conclusion is essentially the same, namely, "that when debt contracts are written in terms of money, a monetary policy of nominal GDP targeting improves the functioning of financial markets.
It's nice to be able to conclude my survey with a paper written by my former colleague, Julio Garin, and two co-authors. As I observed in reviewing the paper by Kim and Henderson, theirs is only one of a number of papers that use sophisticated macro models to conclude that nominal GDP targeting beats most other simple monetary rules. Garin et al. Their findings?
Although output gap targeting is generally ideal, nominal GDP targeting performs almost as well, and better than a Taylor rule. NGDP targeting is also a lot better than inflation targeting.
Furthermore, it can even outperform output gap targeting if the output gap is observed with noise which is certainly the case. Finally, the advantages of NGDP targeting over rival strategies increase as supply shocks become more pronounced, and in situations where wages are stickier than prices.
If all this is starting to sound familiar, that's called robustness. There are, I believe, two reasons. One is that these economists have tended to assume, implicitly or otherwise, a world in which 1 aggregate supply innovations, and innovations to total factor productivity in particular, are either non-existent or unimportant; and 2 factor prices are perfectly flexible or, at very least, more flexible than output prices.
In such a world, nominal GDP targeting may not have any decisive advantage over price-level or inflation targeting, though it's also unlikely to be any worse than either. The other reason is that many monetary and macroeconomists treat fluctuations in the price level or inflation rate as bad per se , most commonly by including them as arguments in central bankers' "loss functions.
A less temperate reply might be something like, "Who cares what central bankers like or don't like? It's peoples' utility or welfare that matters. In short, if there's a shortage of "serious" theorizing about what central banks ought to stabilize, it exists, not among proponents of nominal GDP targeting, but among those who continue to favor price-level or inflation targeting. I should say that, in observing that "I'm not exactly sure what Stephen means by a 'serious theory'," I did not at all mean to complain about his use of the qualifying term "serious.
His post proves that the warning was indeed called for! Reasonable people can of course disagree about such things. But I note that, of the three examples he offers of works from my list that he would place in the "non-serious bin," one McCallum isn't among those on my list at all: although I do mention it twice, in the first instance I mention it among works that I myself consider inadequate, while in the second I merely note that its argument is summarized in Bradley and Jansen's paper.
As for the papers by Garin et al.
But "not serious"? If we're to label these works so, I fear it will take several acres of bins to hold all the non-serious writings out there claiming that either price-level or inflation-rate targeting is optimal — and that's just counting the ones published in refereed journals! So far as I'm aware, no one as yet has constructed a version of such a model in which the responsiveness of nominal prices to shocks that alter their equilibrium levels depends on the nature of the shocks in question.
In contrast, numerous less formal writings e. This last fact tends to further strengthen the case in favor of a stable NGDP rule. Skip to content. Hayek, Prices and Production , 2nd. A Memorandum Submitted to the Canadian Royal Commission on Banking and Finance For better or worse the last, if you ask me , Keynes's General Theory made a clean sweep of the field of monetary economics, brushing aside competing works, including the insightful contributions of Keynes' s Cambridge colleague. His research covers a broad range of topics within the field of monetary economics, including monetary history, More Articles Close.
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