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Continue reading “The \u201cExport Price Norm\u201d saved Australia from the Great Recession \u00ab The Market Monetarist”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31],"tags":[290,2346,2860],"class_list":["post-6268","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","tag-australia","tag-monetary-policy","tag-rba"],"yoast_head":"\nThe \u201cExport Price Norm\u201d saved Australia from the Great Recession \u00ab The Market Monetarist - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The \u201cExport Price Norm\u201d saved Australia from the Great Recession \u00ab The Market Monetarist - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Market Monetarist writes how a combination of luck and good policy saved Australia from recession. Milton Friedman once said never to underestimate the importance of luck of nations. I believe that is very true and I think the same goes for central banks. 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Just Monday this week the Russian stock market fell in excess of 10%\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6028,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/05\/bank-of-england-should-leave-forecasting-to-ladbrokes-the-market-monetarist\/","url_meta":{"origin":6268,"position":1},"title":"Bank of England should leave forecasting to Ladbrokes \u00ab The Market Monetarist","author":"Colin Twiggs","date":"November 5, 2012","format":false,"excerpt":"The Market Monetarist makes a novel suggestion as to how to avoid central banks from making biased forecasts: \".....even better as I have suggested numerous times that the central bank simply set-up a prediction market. In Britain that would be extremely easy \u2013 I don\u2019t think there is a country\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7842,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/02\/scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist\/","url_meta":{"origin":6268,"position":2},"title":"Scott Sumner: \u201cIt\u2019s Complicated: The Great Depression in the US\u201d | The Market Monetarist","author":"ColinTwiggs","date":"June 2, 2013","format":false,"excerpt":"Lars Christensen writes of a 2010 lecture by Scott Sumner did at Oxford Hayek Society on the causes of the Great Depression. Scott does a great job showing that policy failure \u2013 both in the terms of monetary policy and labour market regulation \u2013 caused and prolonged the Great Depression.\u2026","rel":"","context":"In "Economic Theory"","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13565,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/12\/the-italian-bank-crisis-the-one-graph-version-the-market-monetarist\/","url_meta":{"origin":6268,"position":3},"title":"The Italian bank crisis \u2013 the one graph version | The Market Monetarist","author":"ColinTwiggs","date":"July 12, 2016","format":false,"excerpt":"I love Lars Christensen's work. Simple but elegant. This is a bit wonkish for an investment blog but he makes a very important point which applies to far more than just Italy. Today I was interviewed by a Danish journalist about the Italian banking crisis..... He asked me a very\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7076,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/19\/fed-ngdp-targeting-would-greatly-increase-global-financial-stability-the-market-monetarist\/","url_meta":{"origin":6268,"position":4},"title":"Fed NGDP targeting would greatly increase global financial stability | Market Monetarist","author":"Colin Twiggs","date":"March 19, 2013","format":false,"excerpt":"Lars Christensen describes how NGDP targeting would help the global economy withstand shocks like another eurozone crisis: Lets look at two different hypothetical US monetary policy settings. First what we could call an \u2018adaptive\u2019 monetary policy rule and second on a strict NGDP targeting rule. \u2018Adaptive\u2019 monetary policy \u2013 a\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7004,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/16\/ngdp-level-targeting-the-true-free-market-alternative-we-try-again-the-market-monetarist\/","url_meta":{"origin":6268,"position":5},"title":"NGDP level targeting \u2013 the true Free Market alternative (we try again) | The Market Monetarist","author":"Colin Twiggs","date":"March 16, 2013","format":false,"excerpt":"Scott Sumner suggests that NGDP targeting is a far more conservative approach than the current inflation targeting practiced by the Fed and many other central banks: Most of the blogging Market Monetarists have their roots in a strong free market tradition and nearly all of us would probably describe ourselves\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6268"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6268\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}