{"id":7253,"date":"2014-07-24T16:20:38","date_gmt":"2014-07-24T13:20:38","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=7253"},"modified":"2014-07-25T10:20:51","modified_gmt":"2014-07-25T07:20:51","slug":"monetarism-and-the-great-depression","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/monetarism-and-the-great-depression\/","title":{"rendered":"Monetarism and the Great Depression"},"content":{"rendered":"<p>Last Friday, Scott Sumner posted a\u00a0<a href=\"http:\/\/www.themoneyillusion.com\/?p=27086\">diatribe<\/a>\u00a0against the IS-LM triggered by a<a href=\"http:\/\/isites.harvard.edu\/fs\/docs\/icb.topic647573.files\/1010b_11_aggdemandII.pdf\">set of slides\u00a0<\/a>by Chris Foote of Harvard and the Boston Fed explaining how the effects of monetary policy can be analyzed using the IS-LM framework. What really annoys Scott is the following slide in which Foote compares the \u201cspending (aka Keynesian) hypothesis\u201d and the \u201cmoney (aka Monetarist) hypothesis\u201d as explanations for the Great Depression. I am also annoyed; whether more annoyed or less annoyed than Scott I can\u2019t say, interpersonal comparisons of annoyance, like interpersonal comparisons of utility, being beyond the ken of economists. But our reasons for annoyance are a little different, so let me try to explore those reasons. But first, let\u2019s look briefly at the source of our common annoyance.<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae:<\/strong> uneasymoney.com<\/p>\n<p><a href=\"http:\/\/uneasymoney.com\/2014\/07\/22\/monetarism-and-the-great-depression\/\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last Friday, Scott Sumner posted a\u00a0diatribe\u00a0against the IS-LM triggered by aset of slides\u00a0by Chris Foote of Harvard and the Boston Fed explaining how the effects of monetary policy can be analyzed using the IS-LM framework. What really annoys Scott is the following slide in which Foote compares the \u201cspending (aka Keynesian) hypothesis\u201d and the \u201cmoney [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,39,4],"tags":[28],"class_list":["post-7253","post","type-post","status-publish","format-standard","hentry","category-18","category-39","category-proposals","tag-28"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/7253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=7253"}],"version-history":[{"count":2,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/7253\/revisions"}],"predecessor-version":[{"id":7260,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/7253\/revisions\/7260"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=7253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=7253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=7253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}