It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a Facebook page.
Posted by Nicholas Gruen on Sunday, January 4, 2009
HT Kathy G.
Etc
Open market operations – in the stock market
Posted by Nicholas Gruen on Friday, January 2, 2009
Nice to see some ideas I proposed a good while ago getting a bit more of an airing, namely governments running open market operations in assets other than their own bonds (pdf) in the process of managing the economy. I suggested that governments should purchase equities on a countercyclical basis because it both
- made them money
- improved macro-economic outcomes
Now the second of these rationales is gaining some support as people think about the role of government as a market maker of last resort. Note several things about the subsequent discussion on Thoma’s thread. Firstly the case has been made in terms of ‘targeting’ asset prices, in the way open market operations of the central bank target short term interest rates. This is a determinate process. I don’t think you can know enough to target share prices. In fact I think it’s batty when put like that. (Continued)
Around (some of) the blogs
Posted by Tony Harris on Friday, January 2, 2009
Tim Blair reports on Yvonne Ridley the British journalist who converted to Islam after being kidnapped by the Taliban who has won a case for unfair dismissal against the Islam News Channel. Earlier in the year she won nearly £14,000 in damages after winning a four-year unfair dismissal case against Arabic TV station al-Jazeera. She now works for Iranian-based PressTV.
Skepticlawyer blogs on the Gaza strip and Legal Eagle meditates on parenthood.
