Pragmatic Capitalism

Practical Views on Money & Finance

The Taxonomy of Nerds

Cardiff Garcia wrote a nice summary of the various positions by many econ bloggers and which gives a nice overview of how we all stack up against one another.  I am honored and appalled to make the list of nerds.  About me, he says:

– Cullen Roche bears the standard for the Modern Monetary Realists, a splinter faction of the Modern Monetary Theorists. He doesn’t much like QE and is sceptical that monetary policy can hit its targets without help.

But he will tolerate NGDPLT so long as fiscal policy is leading the crisis-fighting charge and the two are working in concert. (MMR/MMT is different from Keynesian in non-ZLB settings, but they’re basically the same at the zero lower bound — hence “fiscalists”.)

Eh, close enough.  We don’t go by “MMR” (it’s just Monetary Realism or MR), but whatever.  Who needs labels?  I also wouldn’t say I back a specific policy at all times, but rather that I’ve been a proponent of fiscal policy over the last 5 years because of my understanding of the balance sheet recession and the likelihood that monetary policy would be less effective than usual.  That doesn’t mean monetary policy is void of value or pointless (I think QE1 helped a lot and I think QE^n could be more effective if it was done differently).  It just means I don’t think it’s being done properly in most countries and that it’s less effective now than usual.

That said, Cardiff’s post is a nice summary for those looking for an overview of the conglomerate of econ nerds.

Cullen Roche

Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC.Orcam is a financial services firm offering low fee asset management, private advisory, institutional consulting and educational services.Cullen is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance and Understanding the Modern Monetary System.
Cullen Roche
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