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Bernanke Isn't Neutral on the Long-Run

posted to Twenty-Cent Paradigms on Sat 18th May 13

When I first started teaching intermediate macroeconomics ten years ago, I decided to consider economic growth in the first part of the class. Partly my reasoning was tactical - its the most mathematically challenging part of the class for many students,
China to Switch Sides (of the Trilemma)?

posted to Twenty-Cent Paradigms on Thu 9th May 13

At Wonkblog, Neil Irwin rightly points out that China's announced intention to liberalize financial flows by making it easier to convert renminbi into foreign currency is a big deal. He writes:China is essentially weighing a trade-off. A transition
Econ PhD Musings

posted to Twenty-Cent Paradigms on Thu 9th May 13

Holder of a more recent vintage economics PhD than me, Noah Smith says "If you get a PhD, get an economics PhD". His foremost reason is that job market conditions are much better for economics PhDs than in most other fields. It's definitely worth

From 'The Economic Consequences of Mr. Churchill'

posted to Twenty-Cent Paradigms on Tue 29th Jan 13

J.M. Keynes, "The Economic Consequences of Mr. Churchill" (1925):The truth is that we stand mid-way between two theories of economic society. The one theory maintains that wages should be fixed by reference to what is "fair" and "reasonable" as between
Dark Matter: A Quick Revisit

posted to Twenty-Cent Paradigms on Thu 29th Nov 12

Back in the days before the 2007-8 financial crisis, one of the big sources of anxiety among (some of us) macroeconomists was the US current account deficit, a measure of how much the US was borrowing from the rest of the world each year.After running deficits
Economic Pessimism in Historical Perspective

posted to Twenty-Cent Paradigms on Sun 10th Jun 12

US industrial production (log scale), 1790-2011: From Davis, QJE 2004 (1790-1915); Miron and Romer, JEH 1990 (1916-1918); Federal Reserve, 1919-2011.J.M. Keynes (Economic Possibilities for Our Grandchildren, 1930):The prevailing world depression, the enormous

Links for 05-10-2013

posted to Economist's View on Fri 10th May 13

LOLCat Sez - Brad DeLongStop the Plunder of Africa - Kofi AnnanFeds Evans: Low Inflation to Persist for Years - WSJMore on the Roots of Bernanke Hatred - Paul KrugmanSenate did the right thing--will the House? - ataxingmatterPro-Inflation Policies Show Signs
David Stockman and Dark Matter

posted to EconoSpeak on Thu 4th Apr 13

Paul Krugman has more on the rant by David Stockman: Well, the $8 trillion number is right. But while it may be EIGHT TRILLION DOLLARS, thats a cumulative deficit (which began in the 80s, by the way, not the 70s) of only half of this years GDP. And if you know
Links for 03-17-2013

posted to Economist's View on Sun 17th Mar 13

The "House Progressive" Budget - Brad DeLongScholarly Poor Often Overlook Better Colleges - NYTWhy Utopia? - Crooked TimberTen Years Later - Paul KrugmanIs Euro-geddon Nigh? - Twenty-Cent ParadigmsBob Evenson: An Economist with Heart - Berkeley BlogQuantum