July 22, 2021 Thursday links

  1. Intraday Timing of General Collateral Repo Markets (Liberty Street Economics): Specifics, Specifics, Specifics! Love the human details this layers on to a niche-ier technical market mechanism.
  2. Three Things I Think I Think – Learning From Bad Inflation Takes (pragcap): Good points about the need for MMT crowd to acknowledge that demand side is probably at least part of the composition of inflation; QE simply shifts composition of money-like assets in real economy, not quantity; and the measures that monetary policy attempts to impact are mainly determined by fundamentals at the primary level, with the fed’s secondary market operations having only marginal effects.
  3. Linus and Lucy: with the Jerry Granelli Trio (youtube): Jerry Granelli was drummer of the Vince Guaraldi Trio and recently died. “People heard the heart in it. Honestly, I turned left creatively with my career after that and never thought about it for a while; jazz musicians are sometimes not as open as they may seem when it comes to people having hits or things crossing over—everybody gets all uppity. But then I matured enough to realize that it went way beyond music. It was the first entry point to jazz for a lot of people. And now that I’ve got my credentials as an artist, I’m proud and delighted to be a part of it.”

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