Money Fetish | Marcus Nunes | Substack

When monetary policy "tightening" is not what you think

And a view from the stock market

Mar 29, 2023 • Marcus Nunes

Most Popular

Nonsense Economics: When the President Thinks Like a Medieval Bandit

Jan 8 • Marcus Nunes

Cochrane’s “Resurrecting the Lucas Phillips Curve”

Oct 28, 2025 • Marcus Nunes

The Monetarist Who Forgot About Money Demand: Why Congdon’s Inflation Forecast Fails

Nov 10, 2025 • Marcus Nunes

When Does NGDP Targeting Work? A Framework for Thinking About Monetary Policy Rules

May 19 • Marcus Nunes

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Recent posts

Today’s Narrow Inflation Tells You Nothing About Tomorrow’s

Sahm’s anatomy of the current inflation is excellent — and it answers the wrong question. Whether inflation broadens is not written in the distribution…

4 hrs ago • Marcus Nunes

Frozen, Not Cracking

The May jobs report beat every forecast. Read past the headline and it describes a stranger, more brittle labor market than the number suggests.

Jun 7 • Marcus Nunes

A Number for the Fiscal Wall

Penn Wharton has put a figure on the American fiscal limit: about 210 percent of GDP. The number is useful. What the model leaves out is more useful…

Jun 5 • Marcus Nunes

When Supply Chains Break, the Fed Should Lean In — Not Back Off

A new NBER paper quietly dismantles the conventional wisdom on monetary policy and supply shocks — and the punchline is almost funny.

Jun 1 • Marcus Nunes

The Chilean Mirror: What Argentina Sees and Cannot Yet Reach

Both countries export commodities, both have experienced boom and bust, and both have attempted radical economic reform. The difference between them is…

May 30 • Marcus Nunes

The April PCE Report: It’s Not Just Food and Energy

Demand Is Still Running Hot — and the Numbers Show It

May 29 • Marcus Nunes

The Libertarian Laboratory: Why Argentina Was Never Going to Be the Proof of Concept

The initial hype around Milei ignored eighty years of structural history. The current disappointment ignores what he has actually achieved. Both…

May 28 • Marcus Nunes

Money Fetish

Mostly revolving around monetary policy