Brief note on Lack of Land in “Models of Secular Stagnation”

I see there is a kerfuffle about not including land in the Eggertson and Mehrotra’s “Models of Secular Stagnation“, which should raise the equilibrium rate to be negative. I want to make two comments here as a sticky:

Money Financed Deficits Have the Same Future Tax Obligations As Bond Financed Deficits

Over at Worthwhile Canadian Initiative, Nick Rowe wonders how much of a deficit would need to be money-financed as opposed to bond-financed. I say it doesn’t matter how you finance the deficit, what matters is the time path of interest rates (which is independent of how the deficit is financed).

The next 100 years

I was guided by SRW’s tweet to Charlie Stross’ “A Different Cluetrain“. It’s worth a read, and many have been feeling the same things, although expressions of these anxieties are different among the left and right. Here is my response.

The Forgotten Single Quote

This is a blog describing something very trivial — lack of proper escaping of the single quote (U+0027) in many commonly used string escaping libraries — with very serious side effects (potential for cross site scripting).

Links!

• Kudos to JW Mason for describing the regime change in corporate behavior. But I wonder how much of the borrowing is just tax arbitrage (e.g. borrowing to pay a dividend when the firm really earned the extra cash but is hiding it overseas).
• No other way to describe Lenovo’s behavior than this.
• Javascript has a unicode problem, but it’s not the only one.
• Discussion of Keynesian labor demand