Monday, August 9, 2010

Inflation Targeting When the Natural Interest Rate is Negative

Over a century ago, in a theory that is still influential today, Swedish economist Knut Wicksell argued that, at any particular time, there is a certain “natural rate of interest” that is consistent with price stability. If the actual rate of interest falls below the natural rate, there is an incentive for entrepreneurs to borrow aggressively and demand more goods and more labor, driving prices up. If the actual rate rises above the natural rate, the incentive to borrow disappears, leading entrepreneurs to demand less goods and labor, driving prices down. Since the opportunities available to entrepreneurs are always changing, the natural rate is always changing, sometimes rising dramatically and at other times falling dramatically. Thus Wicksell argued that, relative to the natural rate, “the interest on money is, in reality, very often low when it seems to be high, and high when it seems to be low.”

As applied to the world we live in today, Wicksell’s original theory has several shortcomings, all widely recognized now. First, it doesn’t account for stickiness in wages and prices: as we observe, the short-run effect of a drop in demand is not so much a fall in wages and prices as a fall in employment. Second, it doesn’t account for the role of expectations in determining the price level and thus, the possibility of “inertial” inflation: it is now generally understood that (under a fiat money regime) a steadily rising price level, rather than a necessarily constant price level, is consistent with the equilibrium “natural” interest rate that Wicksell hypothesized. Third, it doesn’t fully account for the role of inflation expectations in defining the “real” interest rate: for example, a 2% nominal interest rate when prices are expected to be constant is equivalent to a 4% nominal interest rate when prices are expected to rise at a 2% rate. Finally, as I discuss below, it doesn’t account for the role of risk aversion in determining the behavior of entrepreneurs and those who finance them.

Wicksell argued that the natural interest rate was determined by the rate of return on capital. But in practice, the rate of return on capital is never known exactly in advance. Entrepreneurs require a compensation for the risk involved, and lenders (and buyers of stock and other forms of financing) require a compensation for the risk involved in financing them. As a result, particularly in times which are uncertain and when people are particularly risk-averse, there can be a very large wedge between the natural “risk-free” rate of interest and the rate of return on capital. One consequence of having such a large wedge is that, even if the return on capital is necessarily expected to be positive, the natural interest rate can be negative.

When the natural interest rate is negative, since it’s impossible to cut nominal interest rates much below zero, the only way to get back to normal is to create an expectation of inflation. If the nominal interest rate is zero and the inflation rate is positive, then the real interest rate is negative; thus it is possible, with a sufficient amount of expected inflation, to set the real interest rate down to the negative natural rate. But how can that inflation be achieved? Wicksell argues that prices rise when the actual interest rate falls below the natural rate, but in order for that to happen, prices must already be expected to rise. Can a central bank pull itself up by its own bootstraps?

The answer is almost certainly yes, since nearly everyone agrees that a sufficiently reckless central bank will always be able to produce a high inflation rate. (Imagine the Fed buying up the entire national debt, along with all the private sector’s offerings of commercial paper, mortgages, corporate bonds, and so on. Eventually, there will be inflation.) The problem is that it is hard to estimate in advance how aggressive monetary policy needs to be in order to produce the needed expectation of inflation. Not only doesn’t the central bank know what actions would produce a given “happy medium” target between too-low and too-high inflation expectations; it never really even knows what the natural interest rate is, so it doesn’t know how much inflation would be enough to get the real rate down to the natural rate.

If the central bank estimates wrong and overshoots, it risks a period of very high, and unnecessarily high, inflation. If (as seems infinitely more likely to me) it estimates wrong and undershoots, it risks reducing its credibility, so that it becomes more difficult, subsequently, to achieve the necessary inflation rate. (Note BTW that if you take the Mankiw Rule as an estimate of the natural interest rate, then the Fed’s current 2% inflation target is not high enough: the Fed is on a course to fail and thereby reduce its subsequent credibility.)

The solution is to aim not for an inflation rate but for a price level (or, as I suggested in my previous post, a level of nominal GDP). A series of price level targets that rises over time, but that does not get revised when the central bank undershoots or overshoots, allows for policy that automatically becomes more aggressive (or less aggressive) as necessary. If the central bank undershoots the first price level target, the second target is still in place, and this means it must aim for a higher inflation rate. If it undershoots the second target, the third is still in place, and it must aim for yet a higher inflation rate. And so on. Eventually, it will (automatically) find the inflation rate that works.


DISCLOSURE: Through my investment and management role in a Treasury directional pooled investment vehicle and through my role as Chief Economist at Atlantic Asset Management, which generally manages fixed income portfolios for its clients, I have direct or indirect interests in various fixed income instruments, which may be impacted by the issues discussed herein. The views expressed herein are entirely my own opinions and may not represent the views of Atlantic Asset Management. This article should not be construed as investment advice, and is not an offer to participate in any investment strategy or product.

442 comments:

«Oldest   ‹Older   201 – 400 of 442   Newer›   Newest»
Candy Sim said...

All the best blogs that is very useful for keeping me share the ideas
of the future as well this is really what I was looking for, and I am
very happy to come here. Thank you very much
earn to die play
earn to die
earn to die 3
Hi! I’ve been reading your blog for a while now and finally got the
earn to die 4
courage to go ahead and give youu a shout out from
earn to die 6
Austin Texas! Just wanted to tell
earn to die 5
you keep up the fantastic work!my weblog
age of war
Hi! I’ve been reading your blog for a while now and finally got the
happy wheels
tank trouble 3
slither io
slitherio
good game empire

Anonymous said...

Thank you for benefiting from time to focus on this kind of, I feel firmly about it and also really like comprehending far more with this particular subject matter. In case doable, when you get know-how, is it possible to thoughts modernizing your site together with far more details? It’s extremely useful to me hcg injections

Rubina Khan said...

Magnificent website. Plenty of helpful information here.
I’m sending it to several buddies and also sharing in delicious.
And certainly, thanks to your sweat!
RemoveWAT

Candy Sim said...

All the best blogs that is very useful for keeping me share the ideas
of the future as well this is really what I was looking for, and I am
very happy to come here. Thank you very much
earn to die
earn to die 2
earn to die 3
Hi! I’ve been reading your blog for a while now and finally got the
earn to die 4
courage to go ahead and give youu a shout out from
earn to die 6
Austin Texas! Just wanted to tell
earn to die 5
you keep up the fantastic work!my weblog
age of war
Hi! I’ve been reading your blog for a while now and finally got the
happy wheels
strike force heroes
slither io
slitherio

youncy said...


obat diabetes alami
obat kolesterol alami
obat asam urat alami

obat diabetes alami
obat kolesterol alami
obat asam urat alami

manfaat minyak lintah
minyak lintah asli
khasiat minyak lintah

Agen Domino
Agen Poker
Agen Domino QQ

Kelly Anni said...

Earn to Die 2 is a mobile game developed by Toffee Games. It is available on the App Store, Google Play and the Amazon Appstore Earn to Die | Earn to Die 3.
Play the fabolous earn to die game and complete all the levels.You can play all the seven parts of the game on our website, including Tank trouble 2 is one of the best tank battle games and arcade games as a whole. If you love arcade games or want to play online against friends or family Tank trouble | Tank trouble 3 | Tank trouble 4

Rubina Khan said...

Very rapidly this website will be famous among all blogging and site-building
viewers, due to it’s good posts
Office 2016 Activator

Rubina Khan said...
This comment has been removed by the author.
mrgood said...

Great article !
My Little Pony Games

Game Vex 3 said...

Thanks for your sharing. We feel very pleased about that. You should also try their best games with our free today to get the sense of fun that brings. Thank you!

fancy pants 3
Vex 3 Game
Vex 3 Game
Vex 3
Vex Game
Game Vex 3
return man 3
return man 2
return man

Akhadiwi Rajie said...

Would you be interested in exchanging links?
Visual-paradigm.com
Inmethod.com
Qubeshub.org

Robin Son said...

Always thinking to do the same thing again and again , i am very thankful that i found this one..www.businesstidbits.net |

Walcott Vinson said...

Hello, i am glad to read the whole content of this blog and am very excited and happy to say that the webmaster has done a very good job here to put all the information content and information at one place.www.sidecarsafari.net |

jual Kondom Online said...

Thank you for the information
jual kondom

Wendy Welston said...

I just read your blog and get the information which searching everywhere. Now it’s become on my top preference of reading for acquiring the updates without hassle.www.saleahome.net |

Ann Lily said...

Very great, I think I've found good article. I will see and consult some information in your post. I need it, thanks. Click to play:
Slitherio | Slither io9 | Slither io | Happy Wheels | happywheels
I like play games. Why you do not click to play :
Wingsio | Wings io | Wings io9

Ted Verlion said...

Thanks so much with this fantastic new web site. I’m very fired up to show it to anyone. It makes me so satisfied your vast understanding and wisdom have a new channel for trying into the world.www.tucsoncomputer.net |

obat kuat sex dan alat bantu sex said...

obat kuat tahan lama
pembesar panjang penis permanen
obat perangsang wanita
alat bantu sex pria
alat bantu sex wanita
aneka kondom silikon
aneka kosmetik

Ivy Howard said...

They are now so popular. I am now bookmarked to this site. I am happy to be one of their community.www.healthcareacoustics.net |

Viagra said...


terima kasih gan semoga bermanfaat...
vimax asli
viagra
viagra asli
klg
vimax

Bukan Saya said...

This is a very good post. Just wonderful. Truly, I am amazed at what informative things you've told us today. Thanks a million for that. judi bola sbobet

Ishani Gupta said...

fathers day images and quotes
religious fathers day quotes
fathers day quotes from daughter to dad
funny fathers day quotes from daughter
quotes on fathers day by daughter
fathers day quotes for son
deceased fathers day quotes from daughter
fathers day quotes for fathers who have passed
fathers day quotes for brothers
fathers day quotes for my husband
fathers day quotes with images
happy fathers day to mom quotes
fathers day quotes for husband from wife
fathers day quotes to my husband
fathers day husband quotes
spiritual fathers day quotes
http://happyfathersdayimagesquotes.com/
http://happymothersdaygreetings2016.com/
harrypotterandthecursedchilds.xyz

Gypsy Hadley said...

I am very happy to discover your post as it will on top in my collection of favorite blogs to visit.www.zombiecomputersnyc.org |

Bukan Saya said...

I’m completely enjoying as of it and that I have you ever bookmarked to ascertain out new stuff you'll post.. Can you also check asiapk.net

hường lê said...

We are really grateful for your blog post. You will find a lot of approaches after visiting your post. Great work.

Such a very useful article. Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article.
Sign in to Gmail to access to all Gooogle services. Log in to your account or sign up to create a new account
gmail sign in

gmail log in

what's gmail?

slitherio

Tank trouble

happy wheels

Strike Force Heroes

tank trouble 2

In this game, you start at the cavern men's age, then evolve! There is a total of 5 ages, each with its units and turrets. Take control of 16 different units and 15 different turrets to defend your base and destroy your enemy.
age of war

We are really grateful for your blog post. You will find a lot of approaches after visiting your post. Great work.
happy wheels

strike force heroes

earn to die

Fireboy and Watergirl arrived again to the temple in the forest. 2 players together can help them to find their way out.
fire boy and water girl

Franklin Gloria said...

Hi there, its pleasant article about media print, we all understand media is a fantastic source of information.www.votebackhome.org |

Ethel Eamon said...

Hey there thanks for showing me this. I must say that your blogpost was the most enjoying read I've seen in a long time. Greetings from personal trainer berlinwww.nonprofitva.org |

Cid Croston said...

This is the first time I visited this blog. Really this is awesome work with the blog.www.travelpool.org |

Bent Ley said...

It is Very nice post. I just stumbled upon your weblog and wished to say that I have truly enjoyed surfing around your blog posts.www.decenturbanweddings.org |

mrgood said...

Great info, but right now I go to play pony games

Ayer Bailey said...

I just wanted to let you know that what you do really affects peoples lives and that people - like me - truly appreciate it.hailhomerepair.com |

Briley Celia said...

Hey there! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in the same niche. Your blog provided us useful information to work on. You have done a extraordinary job!hotel-travel-america.com |

Colvin Cord said...

If you would like to get a good deal from this article then you have to apply such methods to your won website.latinosposttech.com |

Danita Delman said...

This is very interesting news website running 24 hours a day to keep their viewer updated all the time. doubletweightloss.com |

Alden Barclay said...

The good slicing points and portal easily accept wide range of connections to summarize new ideas with proper scale marketing to run right business.myhomecollege.org |

Anonymous said...

Hello guys, here i'm going to show you some amazing images of prettiest face in the world may you like this post. Also share this post.

Prashant Goyal said...

Hello guys, here i'm going to show you some amazing images of full hand mehndi designs may you like this post. Also share this post.

Johnson Tonya E. said...

This is the game so players feel very fierce , adventurous . You try to join and play this game , you will feel great like.
age of war | tank trouble 2 |earn to die
gun mayhem | gun mayhem 2
slitherio | slither.io | slither io
can your pet | Red Ball | | duck life

Candy Sim said...

The blog or and best that is extremely useful to keep I can share the ideas
of the future as this is really what I was looking for, I am very comfortable and pleased to come here. Thank you very much.
strike force heroes| slitherio | earn to die 2
earn to die 5| goodgame empire |tank trouble 2

Crazy Nuts said...

Hello guys, here i'm going to show you some amazing images of love wallpaper may you like this post. Also share this post.

Anonymous said...

Hello friends in this post we will show you in ccd refer and earn . May this post will help you in learning ccd refer and earn if you like this post then share it.

العاب الحرب said...

لعبة أبطال القوة الضاربة
لعبة العصابات المسلحة 3

lady queen said...


Cara Pengobatan Diabetes Alami herbal
Cara Pengobatan asam urat dan kolesterol
Cara Pengobatan Jerawat

Anonymous said...

Choosing a determine fundamental places to apprehend article shells, nearly numerous confidentials symbol-screen their allow chums pertaining to handles. Lecture Lib evidence be holy to gain varieds of streamer thorn customers who're merry beside the ramifications the street made processs too in scope they extra on putting warmhearted fresh petitions in supplement to bettering their agree qualities forward the Porter's 5 forces

Mushtaq ahmed said...

activate axis bank mobile banking
activate andhra bank mobile baking
activate canara bank mobile banking
activate corporation bank mobile banking
activate syndicate bank mobile banking
activate central bank mobile banking
activate dena bank mobile banking
activate union bank mobile banking
activate yes bank mobile banking
activate uco bank mobile banking
activate obc mobile banking
activate vijaya bank mobile banking
activate idbi mobile banking
activate citi bank mobile banking
activate kotak mobile banking
hdfc net banking
icici net banking
axis net banking
andhra net banking
canara net banking
corporation net banking
syndicate net banking
central bank net banking
dena bank net banking
union bank net banking
yes bank net banking
uco bank net banking
obc net banking
vijaya bank net banking
idbi bank net banking
citi bank net banking
bob net banking
kotak net banking

Anonymous said...

Thank you for benefiting from time to focus on this kind of, I feel firmly about it and also really like comprehending far more with this particular subject matter. In case doable, when you get know-how, is it possible to thoughts modernizing your site together with far more details? It’s extremely useful to me hcg

Jordan Ovilia said...


This is the game is played so great. Invite you to experience it interesting things there.
strike force heroes 4 | red ball | slitherio
gun mayhem 2 | c an your pet | happy wheels
Y

lady queen said...


Cara Pengobatan Diabetes Alami herbal
Cara Pengobatan asam urat dan kolesterol
Cara Pengobatan Jerawat

Anonymous said...

I am always searching online for articles that can help me. There is obviously a lot to know about this. I think you made some good points in Features also. Keep working, great job! growing importance of business analytics

Mushtaq ahmed said...

open new current account for llp hdfc

Budan Owl said...

AyoQQ
DominoQQ
BandarQ

Anonymous said...

I really enjoy simply reading all of your weblogs. Simply wanted to inform you that you have people like me who appreciate your work. Definitely a great post I would like to read this escort bodrum

Mushtaq ahmed said...

change bob net banking password

Anonymous said...

I am always searching online for articles that can help me. There is obviously a lot to know about this. I think you made some good points in Features also. Keep working, great job! different models of e-commerce

Anonymous said...

Really great post, Thank you for sharing This knowledge. Excellently written article, if only all bloggers offered the same level of content as you, the internet would be a much better place. Please keep it up! forexpeacearmy.com reviews

Anonymous said...

I feel firmly about it and also really like comprehending far more with this particular subject matter. In case doable, when you get know-how, is it possible to thoughts modernizing your site together with far more details? It’s extremely useful to me tractari auto

Kelly Anni said...

We are really grateful for your blog post. You will find a lot of approaches after visiting your post. Great work : contact form | snapchat emoji

Anonymous said...

Raksha Bandhan 2016 Quotes
Find Happy Raksha Bandhan 2016 Images, Quotes, Greetings and Songs. Also Pictures and Wishes for your Brother or Sister. Best Presents, Gifts Ideas and Quotes Poems.



15 August Independence Day
Happy Independence Day 15th of August 2016 images and pictures. Watch fireworks, events and celebrations Here

Alice Denny said...

Welcomes to google terminal keep sharing such ideas in the future as well.
google snake this was actually EARN TO DIE
what i was looking for,and i am glad to came here! AGE OF WAR 2
Hi! I’ve been reading your blog for a while HAPPY WHEELS
I want you to thank for your time of this wonderful read!!! Slitherio
Amazing insight you have on this, Slither io This article always blew me BIG FARM
hotmail sign in | hotmail login
sign in to hotmail | log in to hotmail

Candy Sim said...

this is one of the cult game now, a lot of people enjoy playing them . Also you can refer to the game :
age of war | red ball | earn to die 5 | Tank trouble | happy wheels | earn to die 6
The game controls are shown just under . Movement mechanisms primarily include acceleration and tilting controls.
tank trouble unblocked | wings io | strike force heroes | age of war | hotmail login

Anonymous said...

Like you wrote the book in it or something. I think that you could do with some pics to drive the message home a bit, but other than that, this is great blog this simmons first online banking login

Candy Sim said...

this is one of the cult game now, a lot of people enjoy playing them . Also you can refer to the game :
age of war | red ball | earn to die 5 | Tank trouble | happy wheels | earn to die 6
The game controls are shown just under . Movement mechanisms primarily include acceleration and tilting controls.
tank trouble unblocked | wings io | strike force heroes | age of war | hotmail login

Anonymous said...

Exactly where else could anybody get that kind of facts in this kind of a ideal way of writing? I have a presentation next week, and I’m around the appear for this kind of data tightening gel

lady queen said...


Situs BandarQ Terpercaya
Situs Poker Uang Asli
Judi Domino 99

Maya Mukharjee said...

This is the best community for discussion about any topics and sharing best ideas, knowledge and thought. and have great Article sharing platform. I like this concept. Thanks a lot of all.
best songs
sonngs pk
rajneeti

Anonymous said...

I feel firmly about it and also really like comprehending far more with this particular subject matter. In case doable, when you get know-how, is it possible to thoughts modernizing your site together with far more details? It’s extremely useful to me Independence day speech

Anonymous said...

Really great post, Thank you for sharing This knowledge.Excellently written article, if only all bloggers offered the same level of content as you, the internet would be a much better place. Please keep it up! college writings

Gege Dai said...

coach outlet clearance
ralph lauren uk
coach outlet online
ugg uk,ugg outlet,ugg boots outlet
ralph lauren polo
fitflops shoes
ferragamo shoes
michael kors uk
timberland shoes
mulberry outlet
michael kors outlet online store
celine outlet online
true religion canada
longchamp outlet
adidas outlet store
longchamp outlet
hollister sale
coach outlet
rolex watches
prada handbags
ugg outlet
chrome hearts sunglasses
ugg boots
oakley sunglasses wholesale
hermes birkin bag
hermes outlet
reebok trainers
the north face jacket
michael kors outlet
ugg outlet
michael kors outlet
michael kors outlet
moncler jackets
adidas trainers
coach outlet
czq20160816

Anonymous said...

I've tried that and I've failed. But, here you are, trying the big task and finishing it off and getting good comments and ratings. That is one hell of a job done! road bikes

anjali agarwal said...

Nice blog post...thanks for sharing got some helpful information through this blog
http://www.youbella.com

Anonymous said...

Its like you read my mind! You seem to know so much about this,like you wrote the book in it or something. I think that you could do with some pics to drive the message home a bit, but other than that, this is great blog this translation company

Crazy Nuts said...

Great effort... superb organic content. If you are interested in Simple Kolam Designs do have a look.

Anonymous said...

They hear directly from the market about pain points and needs, and they often have the relationships necessary to get buy twitter followers your message through when an impersonal public post or email would get lost in a sea of online activity Removal service in Peterborough

ramveer kumar said...

Packers and Movers Gurgaon
Packers and Movers Pune
Packers and Movers Bangalore

Anonymous said...

The best perform, our most unforgettable encounters, appear from our variations and activities with the other. As we come to recognize these variations, our exclusive and typical details are introduced into reflection mozilla firefox 2016

Anonymous said...

They hear directly from the market about pain points and needs, and they often have the relationships necessary to get buy twitter followers your message through when an impersonal public post or email would get lost in a sea of online activity blog blog teeth whitening

Anonymous said...

Find the perfect destination for your dream holidays in Greece and Turkey.Book your hotel room,hostel or private villa among the thousands available and prepare yourself for an exciting and memorable holiday booking

Anonymous said...

Great effort... superb organic content. If you are interested in arabic mehendi designs do have a look.

Sarees said...

Really informative post thanks for sharing

PRASHANT said...

Hello Friends, here we offer you amazing Bigrock Coupon use them and grab latest new offers.

Anonymous said...

Exactly where else could anybody get that kind of facts in this kind of a ideal way of writing? I have a presentation next week, and I’m around the appear for this kind of data Halloween Activities for Girls

Anonymous said...

Exactly where else could anybody get that kind of facts in this kind of a ideal way of writing? I have a presentation next week, and I’m around the appear for this kind of data jasa seo

Anonymous said...

Exactly where else could anybody get that kind of facts in this kind of a ideal way of writing? I have a presentation next week, and I’m around the appear for this kind of data Private Tour

gun mayhem 3 said...

To join the free games you go here. It will have a lot of great games for you that
gun mayhem 3 | can your pet 2
learn to fly 3 | happywheels
tank trouble 3

Anonymous said...

The best perform, our most unforgettable encounters, appear from our variations and activities with the other. As we come to recognize these variations, our exclusive and typical details are introduced into reflection comprar visitas web

Anonymous said...

I think that you could do with some pics to drive the message home a bit, but other than that, this is great blog. this ayurvedic medicines for cancer in India-8

Anonymous said...

Congratulations on a career well achieved. This arrange is synchronous s informative impolite festivity to pity. I appreciated what you ok extremely here comprar enlaces web

Ayurvedic treatments for Liver Support said...

Nice infomation thanks for shearing..

Candy Sim said...

This is one of the cult game now, a lot of people enjoy playing them . Also you can refer to the game :
gold mine strike | pokemon go 2
The game controls are shown just under . Movement mechanisms primarily include acceleration and tilting controls.
stickman games | stick war 2 | animal jam 2

hường lê said...

Such a very useful article. Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article.

Discover our website bounty of free online games now!
Our website has the biggest collection of free online games. Totally new games are added every day!

age of War
gold Miner
unfair Mario
cubefield
tanki Online

Anonymous said...

It might be the most powerful tinnitus cure ever developed. It's the same program thousands of men and women, who have used to cure their tinnitus and achieved relief from the ringing in their ears ranking brokerow forex

lady queen said...


apartemen depok
apartemen harian depok
apartemen harian di depok
hotel depok
hotel murah depok
hotel murah di depok
penginapan depok
penginapan murah depok
penginapan murah di depok

Anonymous said...

I really like the dear information you offer in your articles. I’m able to bookmark your site and show the kids check out up here generally. Im fairly positive theyre likely to be informed a great deal of new stuff here than anyone custom writings review

Anonymous said...

I really like the dear information you offer in your articles. I’m able to bookmark your site and show the kids check out up here generally. Im fairly positive theyre likely to be informed a great deal of new stuff here than anyone ranking brokerow

Alice Denny said...

The blog or and best that is extremely useful to keep I can share the ideas. Age Of War 2
Big Farm | Slitherio | Tank Trouble
Of the future as this is really what I was looking for, I am very comfortable and pleased to come here. Thank you very much.
Happy Wheels | Goodgeme Empire | Slither.io

Anonymous said...

AromaSuperStore Cheap Aromatherapy online. We have a large selection of products to choose from. We have daily coupons and reviews of our products AromaSuperStore is a scam?

Candy Sim said...

The blog or and best that is extremely useful to keep I can share the ideas
of the future as this is really what I was looking for, I am very comfortable and pleased to come here. Thank you very much.
gold miner|stick war 3| pokemongo
| stick man|animal jam login

Anonymous said...

Excellent information on your blog, thank you for taking the time to share with us. Amazing insight you have on this, it's nice to find a website that details so much information about different artists homework is bad

Apotek Farma said...

Jual Vimax Asli Di Batam
Vimax Asli Di Batam
Jual Vimax Asli Canada Di Batam
Jual Vimax Di Batam
Agen Vimax Asli Di Batam
Vimax Asli Batam
Vimax Di Batam
Agen Vimax Di Batam
Toko Vimax Asli Di Batam
Alamat Toko Vimax Di Batam
Vimax Batam

Anonymous said...

Thanks for sharing nice information with us. i like your post and all you share with us is uptodate and quite informative, i would like to bookmark the page so i can come here again to read you, as you have done a wonderful job. شركة كشف تسربات المياه بالرياض

Anonymous said...

Thank you again for all the knowledge you distribute, Good post. I was very interested in the article, it's quite inspiring I should admit. I like visiting your site since I always come across interesting articles like this one.Great Job, I greatly appreciate that do Keep sharing! دانلود اینستاگرام

Anonymous said...

I think this is an informative post and it is very useful and knowledgeable. therefore, I would like to thank you for the efforts you have made in writing this article مركز صيانة بوش

hường lê said...

Such a very useful article. Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article.

Discover our website bounty of free online games now!
Our website has the biggest collection of free online games. Totally new games are added every day!

age of war 2
gold Miner 2
unfair Mario 2
cubefield 2
tanki Online 2

Seo Dubai said...
This comment has been removed by the author.
Seo Dubai said...
This comment has been removed by the author.
Seo Dubai said...
This comment has been removed by the author.
Seo Dubai said...

traffic racer cheats

Anonymous said...

Thanks for taking the time to discuss this, I feel strongly that love and read more on this topic. If possible, such as gain knowledge, would you mind updating your blog with additional information? It is very useful for me. سانترال

Anonymous said...

Thanks for sharing nice information with us. i like your post and all you share with us is uptodate and quite informative, i would like to bookmark the page so i can come here again to read you, as you have done a wonderful job. captcha tool

Anonymous said...

Thank you again for all the knowledge you distribute, Good post. I was very interested in the article, it's quite inspiring I should admit. I like visiting your site since I always come across interesting articles like this one.Great Job, I greatly appreciate that do Keep sharing! Dubai Private tours trip advisor

Anonymous said...

This is very interesting content! I have thoroughly enjoyed reading your points and have come to the conclusion that you are right about many of them. You are great. reviews pipsar

shakeela gull said...

nice website traffic racer hack ios

Anonymous said...

Thanks for sharing nice information with us. i like your post and all you share with us is up to date and quite informative, i would like to bookmark the page so i can come here again to read you, as you have done a wonderful job. women's fashion

obat aborsi murah said...

Makanan yang dapat menggugurkan kandungan ibu hamil dengan Minuman dan juga Buah Sudah di percaya para ilmuan medis sebagai Cara Menggugurkan Kandungan

Anonymous said...

The information you have posted is very useful. The sites you have referred is good. Thanks for sharing...hcg injections

Fashion Forward Trends said...

Nicely done.... I must say the way you pull out this job is commendable and the writing skill is the main USP of this article, the use of words and the placement is also very innovative... Hope to see more stuff from you keep sharing
Street Spotting

Anonymous said...

The information you have posted is very useful. The sites you have referred is good. Thanks for sharing...Quality Knife

apparel resources said...

Very happy to see posts like these, which nowadays are very rare to see and some bloggers also not willing to write posts like these. Thank you for sharing post like these hope to see more posts like these from your side... keep sharing and do share more post like these
Sustainable Fashion

Anonymous said...

Thanks for sharing nice information with us. i like your post and all you share with us is up to date and quite informative, i would like to bookmark the page so i can come here again to read you, as you have done a wonderful job. Africa4us

hường lê said...

Such a very useful article. Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article.

Discover our website bounty of free online games now!
Our website has the biggest collection of free online games. Totally new games are added every day!

age of war 2| gold Miner 2| unfair Mario 2 | cubefield 2 |tanki Online 2

Anonymous said...

Thanks for sharing nice information with us. I like your post and all you share with us is up to date and quite informative, I would like to bookmark the page so I can come here again to read you, as you have done a wonderful job. Merry Christmas 2016 Clip Art

Anonymous said...

Thanks for this great post, I find it very interesting and very well thought out and put together. I look forward to reading your work in the future Binary trading Singapore

Kerim Çetinkaya said...

very nice post, thanks alot..
Temple Run
Temple Run Oz
Temple Run Riddim
Play Temple Run 2
Temple Run 3

Zoosk login said...

Thanks for providing such a wonderful website for having som useful and helpful information that means a lot for me.
Zoosk login

Anonymous said...

Thanks for taking the time to discuss this. I feel strongly that love and read more on this topic. If possible. such as gain knowledge. would you mind updating your blog with additional information? It is very useful for me. acompañantes al norte de bogota

Anonymous said...

I definitely enjoying every little bit of it. It is a great website and nice share. I want to thank you. Good job! You guys do a great blog, and have some great contents. Keep up the good work. tattoo design ideas

Bang Bang said...

I have regained life balance after the relaxation with this exciting game. I realized that life should not be devoted entirely to the work time must be a balance between leisure and work
baixar musicas , run 2 , baixar snapchat , geometry dash , retrica photo , slither.io , b612 app

Anonymous said...

This is a great inspiring article. I am pretty much pleased with your good work. You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post. addium pills for sale

Anonymous said...

This is a great inspiring article. I am pretty much pleased with your good work. You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post. www.freeapkdownloader.info

Download weed firm said...

It's an incredible post.
I am very much satisfied after looking your blog post due to the fact that it is highly useful.
Download weed firm
Download weed firm

Anonymous said...

Thanks for sharing the information. It is very useful for my future. keep sharing.

- Beyonce and Jay Z Net Worth
- beyonce net worth
- Beyonce and Taylor Swift Net Worth
- beyonce net worth

obat pembesar penis said...

thank you very much gan , the article is very interesting that we can refer to.

Ganel Oanelaf said...

This article was very well written. I certainly enjoyed reading this top notch article. If you continue to write more articles like this, you'll soon become the no.1 writer in the world. I hope you achieve that feat! pregnant games - doraemon games - sonic the hedgehog game - dora games - five nights at freddy’s 4 - temple run 2 - pony dress up - wheely 8 - five nights at freddy’s sister location - 18 wheels driver 3

ngentot memek said...

berjalan kesana kemari ternyata temu juga apa yang saya cari info yang berguna.
foto dewasa
Foto Memek sempit

Tabina Alam said...

Redefine clothing with TheFeMall! We offer outstanding Arabic clothes and sleek Muslimah salwar suits in Dubai with the fine fabrics and detailed designs, the range is surely going to make you want it more. Check our exquisite collection of Arabic clothes ranging from Muslimah Tunics, Muslimah Pants, Muslimah Skirts, Jilbab, Hijab, Kaftans, Abayas and Muslimah Salwar suits in Dubai.

HamZa said...

I am happy to find this post very informative and useful for me, you have done great work. Thanks for great points.

run 3 unblocked info

Anonymous said...

I agree with you. This post is truly inspiring. I like your post and everything you share with us is current and very informative, I want to bookmark the page so I can return here from you that you have done a fantastic job Dofollow Blog Comments

Anonymous said...

Thanks for a very interesting blog. What else may I get that kind of info written in such a perfect approach? I’ve a undertaking that I am simply now operating on, and I have been at the look out for such info High Trust Flow Dofollow Backlinks

Gallant said...

the article is very interesting abd informative that we can refer to. thanks for sharing this blog post.
anarkali suit usa

andri ferdian said...

Grande informazioni. Io amo tutti i posti. Mi sono davvero divertita. Vorrei maggiori informazioni su questo, perché è molto bello. Grazie per la condivisione. rumah minimalis

Unknown said...

Java Download
Google chrome download
Firefox Download
Microsoft Edge Download

MEGABOX HD APP DOWNLOAD said...

Good deals of information one could find in this fantastic post.
many thanks for your exceptional job behind this absolutely sensational information.
Megabox HD

Ganel Oanelaf said...

Very good written article. It will be supportive to anyone who utilizes it, including me. Keep doing what you are doing – can’r wait to read more posts.
Five Nights at Freddy's - Riddle School 6 - Dress Up Games - cooking games - car games - minecraft free

Hammer of thor said...

* hammer of thor
* video hammer of thor
* anabolic rx24
* vakum alat pembesar penis

Hammer Of Thor said...

is very good

bandar bola said...

thanks for the knowledge that is so appealing to run big business,

Cat Cat said...

thanks
dream league soccer
subway surfer
clash royale
go launcher
banana kong

Cat Cat said...

Life becomes more interesting and wonderful when you share your memorable moments with friends and family through unique photographs. You can create your own unique style impressed with image editing software. And after hours of work stress you can also

dream league soccer
subway surfer
clash royale
go launcher
banana kong

Salwar UK said...

Fancy designer wear our website and resonable price More....
We Have Some For You In Your Budget For more…..
Plz visit:- Wedding Printed Salwar Kameez

Salwar UK said...

Fancy designer wear our website and resonable price More....
We Have Some For You In Your Budget For more…..
Ramzan Mubarak Image
Ramzan Mubarak Status

Salwar UK said...

Appriciate Your Our Designer Collection Dress...
Lovely And Designer Collection For Women,Girls & Any More...
In Your Budget If More...
Salwar Kameez for Ramzan 2017

Salwar UK said...

Appriciate Your Our Designer Collection Dress...
Lovely And Designer Collection For Women,Girls & Any More...
In Your Budget If More...
Salwar Suit for Ramzan 2017

Dooiitt Tube said...

Best Outfits For Young ladies, Womens and Girls
We Have Some For You In Your Budget For more…
Plz visit:- Salwar Kameez for Ramzan 2017

Dooiitt Tube said...

Fancy designer wear our website and reasonable price More…
We Have Some For You In Your Budget For more…
Plz visit:- pakistani dress

Dooiitt Tube said...

Fancy designer wear our website and reasonable price More…
We Have Some For You In Your Budget For more…
Plz visit:- kurtis

شركة المثالية لتنظيف said...

شركة كشف تسربات المياه بالرياض
شركة كشف تسربات المياه بالدمام
شركة كشف تسربات المياه بالاحساء
شركة صيانة مسابح بالدمام

Dooiitt Tube said...

Exclusive Collection of Salwar Suit and Many More…
We Have Some For You In Your Budget For more…
Plz visit:- Lehenga

Indian Escorts in Dubai said...

Hot Indian Escorts in Dubai for Nights Fun and Sex call us +971563848260.
Indian Escorts in Dubai

Pakistani Escorts in Dubai

Indian Pakistani Escorts in Dubai

Escorts in Dubai

Russian Escorts in Dubai

Turkish Escorts in Dubai

Dooiitt Tube said...

Exclusive Collection of Salwar Suit and Many More…
We Have Some For You In Your Budget For more…
Plz visit:- Online Shopping

Dooiitt Tube said...

Exclusive Collection Of Salwar Suit And Many More...
We Have Some For You In Your Budget For More....Please Visit..Bridal Lehenga

sakura sakuri said...

> JUAL OBAT ABORSI AMPUH

> OBAT ABORSI TUNTAS

> OBAT ABORSI MANJUR

> OBAT ABORSI MURAH

>ALAMAT PENJUAL OBAT ABORSI

> ALAMAT PENJUAL OBAT CYTOTEC ASLI

> JUAL OBAT ABORSI 

> OBAT ABORSI

> OBAT UNTUK ABORSI

> CYTOTEC

> OBAT CYTOTEC

>  OBAT PELANCAR HAID

> OBAT ABORSI CYTOTEC

> OBAT PENGGUGUR KANDUNGAN

> OBAT ABORSI AMPUH

> OBAT ABORSI ASLI

> CARA MENGGUGURKAN KANDUNGAN

> HARGA OBAT ABORSI

> OBAT ABORSI TUNTAS

> OBAT GUGURIN KANDUNGAN

sakura sakuri said...

> JUAL OBAT ABORSI AMPUH

> OBAT ABORSI TUNTAS

> OBAT ABORSI MANJUR

> OBAT ABORSI MURAH

>ALAMAT PENJUAL OBAT ABORSI

> ALAMAT PENJUAL OBAT CYTOTEC ASLI

> JUAL OBAT ABORSI 

> OBAT ABORSI

> OBAT UNTUK ABORSI

> CYTOTEC

> OBAT CYTOTEC

>  OBAT PELANCAR HAID

> OBAT ABORSI CYTOTEC

> OBAT PENGGUGUR KANDUNGAN

> OBAT ABORSI AMPUH

> OBAT ABORSI ASLI

> CARA MENGGUGURKAN KANDUNGAN

> HARGA OBAT ABORSI

> OBAT ABORSI TUNTAS

> OBAT GUGURIN KANDUNGAN

sakura sakuri said...

> JUAL OBAT ABORSI AMPUH

> OBAT ABORSI TUNTAS

> OBAT ABORSI MANJUR

> OBAT ABORSI MURAH

>ALAMAT PENJUAL OBAT ABORSI

> ALAMAT PENJUAL OBAT CYTOTEC ASLI

> JUAL OBAT ABORSI 

> OBAT ABORSI

> OBAT UNTUK ABORSI

> CYTOTEC

> OBAT CYTOTEC

>  OBAT PELANCAR HAID

> OBAT ABORSI CYTOTEC

> OBAT PENGGUGUR KANDUNGAN

> OBAT ABORSI AMPUH

> OBAT ABORSI ASLI

> CARA MENGGUGURKAN KANDUNGAN

> HARGA OBAT ABORSI

> OBAT ABORSI TUNTAS

> OBAT GUGURIN KANDUNGAN

Unknown said...

polo ralph lauren
giuseppe zanotti shoes
swarovski uk
cheap ray ban sunglasses
puma shoes
adidas shoes
oakley sunglasses wholesale
coach outlet
cheap nike shoes
longchamp handbags
chanyuan2017.05.26

Indian Escorts in Dubai said...

Our Escorts in Duba is very young and beautiful and they will make you happy and relax with her soft touch.
Indian Escorts in Dubai
Escorts in Dubai
Pakistani Escorts in Dubai
Indian Pakistani Escorts in Dubai
Student Escorts in Dubai
Model Escorts in Dubai
Call Girls in Dubai

Switzer Reel said...

Wow! What a Fantastic blog! Excellent ideas! Thanks for sharing such wonderful content!
Research Chemicals USA

Alice Taylor said...

This is extremely helpful info!! Very good work. Everything is very interesting to learn and easy to understood. Thank you for giving information.

word-cookies-answers.com

Drag Racer V3 said...

Thank you for benefiting from time to focus on this kind of dragracerv3game.com

Alice Taylor said...

You’ve written nice post, I am gonna bookmark this page, thanks for info. I actually appreciate your own position and I will be sure to come back here.

lennyfacetext.com

Drag Racer V3 said...

Many thanks for sharing it a lot www.whatsappbaixargratis.com.br

Ngọc Bảo said...

I appreciate you and hopping for some more informative posts. thanks for share
happywheels3game.com

Hà Nguyễn said...

Thank you for such a sweet tutorial - all this time later, I've found it and love the end result. I appreciate the time you spent sharing your skills.
sushi-cat2.com

Friv4 Games Online said...

I like your post. It really useful with me. Thanks for sharing these useful information!
papasgamesonline.com

Games 2 Girls said...

I would like to thank you for the efforts you have made in writing this article.
run2online.net

Thu Lê said...

I was very impressed by this post, this site has always been pleasant news. Thank you very much for such an interesting post. Keep working, great job! In my free time, I like play game: facebooklite.com.br. What about you?

ngocanhng said...

Alot of blogs I see these days don't really provide anything that I'm interested in, but I'm most definately interested in this one. Just thought that I would post and let you know. Nice! thank you so much! Thank you for sharing.
b612az.com

Free Happywheels said...

Thank you very much for the information you shared, it’s all I’ve been looking for
www.happywheels-2.com

Friv4 Games Online said...

I like your post. It really useful with me. Thanks for sharing these useful information!
papasgamesonline.com

ngocanhng said...

Alot of blogs I see these days don't really provide anything that I'm interested in, but I'm most definately interested in this one. Just thought that I would post and let you know. Nice! thank you so much! Thank you for sharing.
www.baixar-whatsapp-gratis.com.br

ngocanhng said...

I like your all post. You have done really good work. Thank you for the information you provide, it helped me a lot. I hope to have many more entries or so from you.
Very interesting blog.
www.baixarfacebookgratis.com.br

pembesaralatvital said...

Obat Pembesar Penis yang membantu menambah ukuran panjang dan memperbesar penis hasil permanen serta meningkatkan gairah seksual dan daya tahan seksual.
Pembesar Penis Diformulasikan dari rempah-rempah atau tumbuhan yang khusus dipilih dan ditemukan di seluruh dunia, ketika di konsumsi setiap hari telah terbukti dapat meningkatkan kinerja seksual pada pria, membantu pria mencapai ereksi lebih panjang, besar kuat dan tahan lama.


recommended :
Obat Titan Gel
Titan Gel
Titan Gel Original
Titan Gel Jakarta
Hammer Of Thor
KLG Asli
KLG Jakarta
Obat KLG
Obat Pembesar Alat Vital
Anabolic RX24
Obat RX24
Obat Kuat RX24
Vimax Jakarta
Vimax
Vimax Asli
Viagra
Obat Viagra
Viagra Asli
Viagra Jakarta
Viagra USA

run run3 said...

I appreciate you and hopping for some more informative posts. thanks for share
run3.run

Jasmine Thompson said...

Your article is very interesting. I think this article has a lot of information needed, looking forward to your new posts. Get permission to share:
http://returnman3game.com

CarriageReviews said...

Your article has a lot of good information. It proves you understand very well about this issue, I agree completely on your article.
http://carriagereviews.com/best-24-inch-led-light-bar

Love Kpop said...

I realize that nothing is fair but I'm still trying. I just want to do my best and what is possible
povaup

games draw said...

Many thanks for sharing pocaauto

fashion poca said...

Thank you, so Much admin have a nice day :) you information about weight loss is very easy and simple.
pocafashion

Thu Lê said...

I was very impressed by this post, this site has always been pleasant news. Thank you very much for such an interesting post. Keep working, great job! In my free time, I like play game: imgtaram. What about you?

Vex 3 said...

Your post is interesting. Hope you have more useful posts like this
vex3.games

Madison Smith said...

I have read your article, the information you give is very interesting.
pocatravel

Games 2 Girls said...

great article, I was very impressed about it, wish you would have stayed next share
potaca

ngocanhng said...

Your blog posts are more interesting and impressive. I think there are many people like and visit it regularly, including me.I actually appreciate your own position and I will be sure to come back here.
instagram online photo

Drag Racer V3 said...

I like your post so much dragracerv3game.com

Drag Racer V3 said...

Great! Many thanks for sharing scorehero.net

Obat Penggemuk Badan said...

Hay Perkenalkan Saya Admin Dari Situs Toko Online https://obatperangsangwanitaherbal.com .
Saya Mau Menawarkan Sebuah Produk Obat Perangsang Wanita Herbal Terbaik, Obat Perangsang Opium Spray , Obat Perangsang Cair Blue Wizard, Obat Perangsang Potenzol .
Untuk Lebih Jelas Mengenai Produk Yang Saya Tawarkan, Silahkan Kunjungi Website Saya Diatas.

Obat Penggemuk said...

Obat Pembesar Penis

Minyak Lintah Asli

Cara Memperbesar Penis

Obat Perangsang Wanita

Obat Perangsang Cair

Obat Perangsang Opium Spray

Obat Pelangsing Badan

Obat Pelangsing

Foshan Dabbl Sanitary Ware said...

Dabbl offers the best quality and design custom, sliding frameless glass shower doors, corner, quadrant, walk in, glass, frameless shower enclosures, shower rooms, shower cubicles, shower screen and bathtub screens. at the most reasonable prices at Frameless Glass Shower Doors, Enclosures

Foshan Dabbl Sanitary Ware said...

Dabbl provide many shower and sanitary ware products like shower enclosures, glass shower doors, neo angle shower doors, frameless shower screen, shower cubicles, shower rooms, shower stalls, shower cabin etc email export1@dabbl.de click here for information Frameless Glass Shower Doors, Shower Enclosures

Ruhi said...

You can buy from our large and diverse collection of salwar kameez, party wear suits, bollywood collection, cotton kurtis, Anarrkali suits,Bollywood saree and many other products.....
We Have Some For You In Your Budget
For more…
Dessigner Saree

ali newaz said...

Ajrin Construction Inc. is a privately owned firm and has been providing bathroom remodeling services https://www.ajrinconstruction.com/bathroom-remodeling/ to clients all across the boroughs of County NY.bathroom remodeling new york city

«Oldest ‹Older   201 – 400 of 442   Newer› Newest»