Total Posts:7|Showing Posts:1-7
Jump to topic:

econ AMA that isn't psuedo science and jargo

ResponsiblyIrresponsible
Posts: 12,398
Add as Friend
Challenge to a Debate
Send a Message
2/13/2016 10:19:52 PM
Posted: 9 months ago
Lol.

This is great.

Okay, here are some questions for you:

1. Are prices sticky?

2. What ended the Great Depression?

3. What role, if any, did the gold standard play in the Depression?

4. What role, if any, did the significant -- 33 percent -- decline in the M1 money supply from 1929 to 1933 play in causing the Great Depression?

5. What role, if any, did self-fulfilling bank runs play in invigorating the Depression?

6. The Fed faces considerable headwinds ahead of its March meeting: disintegrating global markets, a skyrocketing dollar, lackluster inflation numbers and tepid inflation expectations, and considerable downside risks. What should they do?

7. Did the Fed's decision to raise rates in December play any role in this current market turmoil?

(I'm agnostic on this, FYI.)

8. Where is the hyperinflation the Austrians predicted?

9. Where is the spike in long-term interest rates -- presumably in the inflation risk premium -- that the Austrians predicted?

10. Why was your fellow Austrian, Bob Murphy, so completely and embarrassingly wrong in his prediction that year-over-year inflation would hit roughly 10 percent?

11. What is your opinion on the textbook money multiplier model? Does the massive accumulation in excess reserves and cash holdings amongst the public, which pushed down the multiplier below 1 -- meaning that, for every dollar in base money created, the M1 money supply grows by less than a dollar -- discredit the Austrian thesis that inflation would spiral out of control?

12. What is your opinion on the quantity theory of money? Why is it not holding right now (e.g., what in the equation is not behaving how Milton Friedman said it should)?

That should be enough for now.
~ResponsiblyIrresponsible

DDO's Economics Messiah
ResponsiblyIrresponsible
Posts: 12,398
Add as Friend
Challenge to a Debate
Send a Message
2/13/2016 10:43:16 PM
Posted: 9 months ago
More questions:

1. What is your opinion on Mario Draghi's performance to date? Do you think he'll unveil more stimulus measures in March? Should he?

2. What's your opinion on the euro?

3. What is your opinion on Britain threatening to leave the EU?

4. The Bank of Japan just cut their policy rate into negative territory, which literally rips apart my childhood -- I'm serious, everything I've ever known is a lie. Japan was the TEXTBOOK CASE of the zero lower bound, and now it's over. I feel so lied to. Are you as pissed as I am?

5. Does the zero lower bound exist?

6. What are the pros and cons of a negative nominal interest rate?

7. The Fed is currently projecting a lower long-run equilibrium real interest than they have in the past. There are several possible options they could pursue to lean against this. Could you list them and then give me an assessment of the pros and cons of each?

8. If you were trying to forecast inflation, would you use a vector autoregression or a dynamic stochastic general equilibrium (DSGE) model?

9. What's your view on the New Keynesian Phillips curve? How about the neoclassical Phillips curve?
~ResponsiblyIrresponsible

DDO's Economics Messiah
Wylted
Posts: 21,167
Add as Friend
Challenge to a Debate
Send a Message
2/13/2016 11:53:00 PM
Posted: 9 months ago
At 2/13/2016 10:19:52 PM, ResponsiblyIrresponsible wrote:
Lol.

This is great.

Okay, here are some questions for you:

1. Are prices sticky?

Assuming I know what ypur jargon is then no. Prices fluctuate based on supply and demand.

2. What ended the Great Depression?

The market has natural ups and downs and the natural down had come to it's conclusion. It should be noted that the depression came on a bit earlier than it had to, because Hoover had interventionist policies and it ended later than it had to because of FDRs interventionist policies.

3. What role, if any, did the gold standard play in the Depression?

The gold standard despite being evil, is a lesser evil than the federal reserve system that also betrays the fact that money is a social construct and really should have remained that way, but Democrats had to intervene and create government issued money. Democrats fvcking things up goes all the way back to before the Roman empire.

The gold standard did cause America's depression to have a type of ripple effect on other countries who also had it, but fvck those countries that is their problem. Communists probably believe that the gold standard prevented the government from manipulating currency and with the magical power of manipulation the depression would have been avoided, but the reality is that the ability to manipulate the currency wpuld have nust pushed back and made the natural occurrence even worse, just as the interventionist policies before it had done.

4. What role, if any, did the significant -- 33 percent -- decline in the M1 money supply from 1929 to 1933 play in causing the Great Depression?

Again probably the same answer as the last. Not sure what M1 money supply means. Usually when people use a lot of jargon it is to complicate economics so the simple truth is hidden and they can mandate socialism.

5. What role, if any, did self-fulfilling bank runs play in invigorating the Depression?

Since we had a fractional reserve system it had a bad effect to be specific. If banks either offered high risk money market interest bearing accounts or had a fee based banking system as any appropriate bank in a libertarian utopia does.

6. The Fed faces considerable headwinds ahead of its March meeting: disintegrating global markets, a skyrocketing dollar, lackluster inflation numbers and tepid inflation expectations, and considerable downside risks. What should they do?

Completely dismantle themselves. It would be very harmful in the short term but if libertarian policies were enacted, we'd have a virtual paradise in less than 75 years to hand to our children. I would implement a universal basic income, but with literally every other policy being libertarian, this policy would have little to no harmful effects.

7. Did the Fed's decision to raise rates in December play any role in this current market turmoil?

(I'm agnostic on this, FYI.)

It's very existence has ruined America. It's a way to redistribute wealth to the elite and also to fund secret projects that if passed through congress would give needless intel about secret programs it is funding in other countries. Programs that probably have something to do with economic warfare (see co fessions of an economic hitman)

8. Where is the hyperinflation the Austrians predicted?


We can see from the fact it has happened with other central banks that it does in fact happen, perhaps the fact that sneaky Jews are in charge of our system has helped them to stave it off for the time being.

9. Where is the spike in long-term interest rates -- presumably in the inflation risk premium -- that the Austrians predicted?

I'm not even sure what that stuff is. Sounds like voodoo and jargon.

10. Why was your fellow Austrian, Bob Murphy, so completely and embarrassingly wrong in his prediction that year-over-year inflation would hit roughly 10 percent?

We know from equilibrium theory that stuff be balancing out. The market is a complicated thing though and we can't always accurately predict the exact date it will occur.

11. What is your opinion on the textbook money multiplier model? Does the massive accumulation in excess reserves and cash holdings amongst the public, which pushed down the multiplier below 1 -- meaning that, for every dollar in base money created, the M1 money supply grows by less than a dollar -- discredit the Austrian thesis that inflation would spiral out of control?

You'll have to break this down for me. I know that just like astrologists, this type of terminology can get confusing. Often times refined absurdities are hard to disprove. This is the same reason I have a hard time contradicting the super thermite theory of 9-11 truthers.

12. What is your opinion on the quantity theory of money? Why is it not holding right now (e.g., what in the equation is not behaving how Milton Friedman said it should)?

I don't know. It looks like friedman was also a commie who believed in intervention. I adhere to decebt philosophies not propaganda that roots from the Fabian Society.

That should be enough for now.
Wylted
Posts: 21,167
Add as Friend
Challenge to a Debate
Send a Message
2/14/2016 12:01:26 AM
Posted: 9 months ago
At 2/13/2016 10:43:16 PM, ResponsiblyIrresponsible wrote:
More questions:

1. What is your opinion on Mario Draghi's performance to date? Do you think he'll unveil more stimulus measures in March? Should he?

Who is that guy? Another Jew?

2. What's your opinion on the euro?

It's evil. It threatens the sovereignty of several European nations, just as the EU does. The EU is basically the revived Roman Empire required for the return of the Anti Christ, who will rule the world.

3. What is your opinion on Britain threatening to leave the EU?

It's a good mood. They need to protect their sovereignty and stand against the antichrist.

4. The Bank of Japan just cut their policy rate into negative territory, which literally rips apart my childhood -- I'm serious, everything I've ever known is a lie. Japan was the TEXTBOOK CASE of the zero lower bound, and now it's over. I feel so lied to. Are you as pissed as I am?


I want to hug you, and if I knew what that meant, it is possible I'd be as mad as you.
5. Does the zero lower bound exist?

6. What are the pros and cons of a negative nominal interest rate?

People need to stop playing money games. Money should be a social construct and completelt Democratic thing.

7. The Fed is currently projecting a lower long-run equilibrium real interest than they have in the past. There are several possible options they could pursue to lean against this. Could you list them and then give me an assessment of the pros and cons of each?

No, it soundsvlike more filthy Jew money games that undermine the free market.

8. If you were trying to forecast inflation, would you use a vector autoregression or a dynamic stochastic general equilibrium (DSGE) model?

I would look at upcoming policies and whatever increased the amount of the money supply and how much it increased it by would be measured into the equation.

9. What's your view on the New Keynesian Phillips curve? How about the neoclassical Phillips curve?

They both suck. Though the neoclassical one is likely an improvement on the other, despite me not knowing what either is.
ResponsiblyIrresponsible
Posts: 12,398
Add as Friend
Challenge to a Debate
Send a Message
2/14/2016 12:45:37 AM
Posted: 9 months ago
At 2/13/2016 11:53:00 PM, Wylted wrote:
Assuming I know what ypur jargon is then no. Prices fluctuate based on supply and demand.

You must not, because I asked not whether supply and demand determines prices: rather, I'm interested in the speed of adjustment.

Here's this question phrased in another way: do shocks to aggregate demand impact unemployment?

Pretty easy question.

2. What ended the Great Depression?

The market has natural ups and downs and the natural down had come to it's conclusion. It should be noted that the depression came on a bit earlier than it had to, because Hoover had interventionist policies and it ended later than it had to because of FDRs interventionist policies.

So your argument is that prices eventually adjusted, yes? Markets finally got their sh1t together.... a decade later?

3. What role, if any, did the gold standard play in the Depression?

The gold standard despite being evil, is a lesser evil than the federal reserve system that also betrays the fact that money is a social construct and really should have remained that way, but Democrats had to intervene and create government issued money. Democrats fvcking things up goes all the way back to before the Roman empire.

Interesting. Tell me more about this evil Federal Reserve.

The gold standard did cause America's depression to have a type of ripple effect on other countries who also had it, but fvck those countries that is their problem. Communists probably believe that the gold standard prevented the government from manipulating currency and with the magical power of manipulation the depression would have been avoided, but the reality is that the ability to manipulate the currency wpuld have nust pushed back and made the natural occurrence even worse, just as the interventionist policies before it had done.

What interventionist policies are you referring to? Did intervention by the Fed cause the Depression?

(Hint: I'd agree with you if you answered "yes" to this question.)

4. What role, if any, did the significant -- 33 percent -- decline in the M1 money supply from 1929 to 1933 play in causing the Great Depression?

Again probably the same answer as the last. Not sure what M1 money supply means. Usually when people use a lot of jargon it is to complicate economics so the simple truth is hidden and they can mandate socialism.

Lol, not really, man -- it's the simplest definition of the money supply there is. You talk about the Fed, so you should at least have a basic idea of the definition of money.

Think of it as cash and demand deposits -- super liquid assets that are either cash or easily convertible to cash. Traveler's checks might be included for some strange reason. I can't remember, but it's not that important. (Usually people look at M2.)

5. What role, if any, did self-fulfilling bank runs play in invigorating the Depression?

Since we had a fractional reserve system it had a bad effect to be specific. If banks either offered high risk money market interest bearing accounts or had a fee based banking system as any appropriate bank in a libertarian utopia does.

Obviously I disagree, but I'm less interested in discussing this than the other stuff.

6. The Fed faces considerable headwinds ahead of its March meeting: disintegrating global markets, a skyrocketing dollar, lackluster inflation numbers and tepid inflation expectations, and considerable downside risks. What should they do?

Completely dismantle themselves. It would be very harmful in the short term but if libertarian policies were enacted, we'd have a virtual paradise in less than 75 years to hand to our children. I would implement a universal basic income, but with literally every other policy being libertarian, this policy would have little to no harmful effects.

I'm all for a universal basic income. The rest is eh.

7. Did the Fed's decision to raise rates in December play any role in this current market turmoil?

(I'm agnostic on this, FYI.)

It's very existence has ruined America. It's a way to redistribute wealth to the elite and also to fund secret projects that if passed through congress would give needless intel about secret programs it is funding in other countries. Programs that probably have something to do with economic warfare (see co fessions of an economic hitman)

What the hell are you talking about? Lol.

8. Where is the hyperinflation the Austrians predicted?


We can see from the fact it has happened with other central banks that it does in fact happen, perhaps the fact that sneaky Jews are in charge of our system has helped them to stave it off for the time being.

So the hyperinflation genie will be let out of the lamp... when?

9. Where is the spike in long-term interest rates -- presumably in the inflation risk premium -- that the Austrians predicted?

I'm not even sure what that stuff is. Sounds like voodoo and jargon.

Your friends advocated it, man, lol.

10. Why was your fellow Austrian, Bob Murphy, so completely and embarrassingly wrong in his prediction that year-over-year inflation would hit roughly 10 percent?

We know from equilibrium theory that stuff be balancing out. The market is a complicated thing though and we can't always accurately predict the exact date it will occur.

I asked you about Bob Murphy. This doesn't address that.

11. What is your opinion on the textbook money multiplier model? Does the massive accumulation in excess reserves and cash holdings amongst the public, which pushed down the multiplier below 1 -- meaning that, for every dollar in base money created, the M1 money supply grows by less than a dollar -- discredit the Austrian thesis that inflation would spiral out of control?

You'll have to break this down for me. I know that just like astrologists, this type of terminology can get confusing. Often times refined absurdities are hard to disprove. This is the same reason I have a hard time contradicting the super thermite theory of 9-11 truthers.

Here's what it means:

The Fed creates an offsetting liability called base money and buys stuff.
Banks take that money and lend it out.
People deposit that money.
Banks lend it out after holding some of it as reserves.
People deposit it.
Etc.

The general logic is that a dollar in base money "multiplies" and leads to an even larger increase in actual money supply. This gets complicated if people hold cash or banks hold excess reserves -- that was the case with QE.

12. What is your opinion on the quantity theory of money? Why is it not holding right now (e.g., what in the equation is not behaving how Milton Friedman said it should)?

I don't know. It looks like friedman was also a commie who believed in intervention. I adhere to decebt philosophies not propaganda that roots from the Fabian Society.

Lmfao. I guess he was, man. Anyone who disagrees with your Austrian buddies is clearly a pinko.

That should be enough for now.
~ResponsiblyIrresponsible

DDO's Economics Messiah
ResponsiblyIrresponsible
Posts: 12,398
Add as Friend
Challenge to a Debate
Send a Message
2/14/2016 12:50:16 AM
Posted: 9 months ago
At 2/14/2016 12:01:26 AM, Wylted wrote:
At 2/13/2016 10:43:16 PM, ResponsiblyIrresponsible wrote:
More questions:

1. What is your opinion on Mario Draghi's performance to date? Do you think he'll unveil more stimulus measures in March? Should he?

Who is that guy? Another Jew?

Probably.

2. What's your opinion on the euro?

It's evil. It threatens the sovereignty of several European nations, just as the EU does. The EU is basically the revived Roman Empire required for the return of the Anti Christ, who will rule the world.

lol.... well, I agree it's a horrid idea -- maybe not evil, but a horrid idea -- but, like... yeah.

3. What is your opinion on Britain threatening to leave the EU?

It's a good mood. They need to protect their sovereignty and stand against the antichrist.

I haven't much of an opinion on this, so I was curious of your actual view on this.

4. The Bank of Japan just cut their policy rate into negative territory, which literally rips apart my childhood -- I'm serious, everything I've ever known is a lie. Japan was the TEXTBOOK CASE of the zero lower bound, and now it's over. I feel so lied to. Are you as pissed as I am?


I want to hug you, and if I knew what that meant, it is possible I'd be as mad as you.

Lol.

5. Does the zero lower bound exist?

YOU DODGED THIS ONE, WYLTED.

6. What are the pros and cons of a negative nominal interest rate?

People need to stop playing money games. Money should be a social construct and completelt Democratic thing.

What does that mean?

7. The Fed is currently projecting a lower long-run equilibrium real interest than they have in the past. There are several possible options they could pursue to lean against this. Could you list them and then give me an assessment of the pros and cons of each?

No, it soundsvlike more filthy Jew money games that undermine the free market.

lol

8. If you were trying to forecast inflation, would you use a vector autoregression or a dynamic stochastic general equilibrium (DSGE) model?

I would look at upcoming policies and whatever increased the amount of the money supply and how much it increased it by would be measured into the equation.

What kind of equations? How many lags? Would you include a moving-average term?

9. What's your view on the New Keynesian Phillips curve? How about the neoclassical Phillips curve?

They both suck. Though the neoclassical one is likely an improvement on the other, despite me not knowing what either is.

Both of them suck, I agree, though the "unexpected money" thing falls victim to the "there are no frictions in the short run" thing.
~ResponsiblyIrresponsible

DDO's Economics Messiah