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Stable NGDP growth can stabilise the property market

It is often argued that falling and low interest rates sparked a global housing bubble. However, the empirical evidence of this is actually quite weak and the development in global property markets is...

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The counterfactual US inflation history – the case of NGDP targeting

Opponents of NGDP level targeting often accuse Market Monetarists of being “inflationists” and of being in favour of reflating bubbles. Nothing could be further from the truth – in fact we are strong...

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Dangerous bubble fears

Here is Swedish central bank governor Stefan Ingves in an op-ed piece in the Swedish newspaper Svenska Dagbladet last week: “I also have to take responsibility for the long term consequences of today’s...

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You have to thank Scandinavian Airlines for this post – kind of a tribute to...

Dear friends if you like to read my blog posts you will have to thank Scandinavian Airlines for this one. I am stuck in Heathrow Airport for now. Cancellations and delays of my flight from London to...

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Are half a million hardworking Poles to blame for the UK real estate bubble?

The answer to the question of course is no, but let me tell the story anyway. It is a story about positive supply shocks, inflation targeting, relative inflation and bubbles. In 2004 Poland joined the...

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If there is a ‘bond bubble’– it is a result of excessive monetary TIGHTENING

Among ‘internet Austrians’ there is an idea that there is gigantic bubble in the global bond markets and when this bubble bursts then the world will come to an end (again…). The people who have these...

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There is no bubble in the US stock market

Before you start reading this post note that I am not an equity market analyst and this is not investment advice. Rather it is an attempt to discuss the impact of monetary easing on the US stock market...

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Stock picker Janet Yellen

If you are looking for a new stock broker look no further! This is Fed chair Janet Yellen at her testimony in the US Senate yesterday: “Valuation metrics in some sectors do appear substantially...

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There is no bond market bubble

Bubbles, bubbles, everywhere bubbles. There is a lot of talk about bubbles among commentators and central bankers. One of the most common bubble fears is a fear of a bubble in the US bond market (just...

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The stock market remains at a “permanently high plateau”

Nearly a year ago I in a response to Fed Chair Janet Yellen’s apparent concerns over the valuation of the US stock market argued – echoing Irving Fisher’s ill-fated views from 1929 – that the US stock...

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