Marginal Revolution's Tyler Cowen: "...Kaminska Wins"

I didn't even know there was an argument.
Taking the contra side is like saying Greenland is in the South Pacific. Nonsensical.

We've visited with Professor Woodford a few times this year and long time readers know Izabella has been nothing short of amazing.
You wanna take those two on?
Me neither.

From Marginal Revolution:
Why Michael Woodford supports monetary tapering (Kaminska wins) 

In an excellent, follows up on my original question, there should be more of this kind of reporting piece, Matthew Klein writes:

“For Woodford, the most important point is that the Fed’s balance sheet cannot keep growing without imposing costs on the financial system and broader economy — even when inflation is low and unemployment is high. While Woodford didn’t explicitly tell me what those costs were, a possible explanation can be found in this brief passage from the paper he presented at last year’s Jackson Hole Economic Symposium:

An increase in the safety premium obtained by making “safe assets” (in the relevant sense) more scarce would in itself be welfare-reducing. If Treasuries provide a convenience yield not available from other assets (including bank reserves), then reducing the quantity of Treasuries in the hands of the public reduces the benefits obtained from this service flow. 

In other words, Treasury bonds are uniquely useful for savers. When the Fed makes these securities more expensive — or restricts their supply through asset purchases — the central bank harms regular savers without doing much to boost the broader economy. Moreover, the relative scarcity of newly-issued Treasury bonds has been causing havoc in the repo markets....

...Here is Izabella Kaminska on collateral shortage.

 ...MORE

For Professor Cowen's thoughts on Izzy and why I truncated his headline where I did see:
Izabella Kaminska’s counterintuitive model of the modern wold

And our posts, in which I pick on some of the MR commentators:
UPDATED--Tyler Cowen on Izabella Kaminska's "Counterintuitive Model of the Modern World"
My Second-to-Last Comment on Izabella Kaminska at Tyler Cowen's Marginal Revolution
My Last Word on Izabella Kaminska at Tyler Cowen's Marginal Revolution

On Prof Woodford:

Let's Just Proclaim Jubilee: "Quantitative easing should be used to write off government debt"

Columbia Professor Michael Woodford, the world's most closely followed monetary theorist, says it is time to come clean and state openly that bond purchases are forever, and the sooner people understand this the better.

"All this talk of exit strategies is deeply negative," he told a London Business School seminar on the merits of Helicopter money, or "overt monetary financing"....

...If I'm interpreting this correctly, one of the sharpest monetary theorists in the world is saying we're fucked; and might as well do the economics equivalent of "Let the good times Roll."

Oddly enough Professor Woodford holds the John Bates Clark Chair at Columbia but did not win the Clark Medal.
He did however win a MacArthur 'Genius Grant'.

"Helicopter money as a policy option"
Evans-Pritchard: "BIS and IMF attacks on quantitative easing deeply misguided warn monetarists"