Wednesday, January 29, 2014

Quote of the Day

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This piece is widely known, but I never tire of reading it. It comes from a 1906 letter by Alfred Marshall to his student Arthur Bowley (of ...
Sunday, January 26, 2014

Old Keynesian Economics and Equilibrium Theory

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Noah Smith refers to a vintage piece by Robert Barro that pours scorn on the New Keynesian agenda. I am grateful to Noah for drawing our ...
23 comments:
Monday, January 20, 2014

More on Rational Agents and Irrational Markets: A Wonkish Response to Andy Harless

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In a comment on my most recent blog post , Andy Harless "[wishes he] had a better intuition for what is going on in [my] model."...
7 comments:
Sunday, January 19, 2014

Rational Agents: Irrational Markets

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Bob Shiller wrote an interesting piece in today's NY Times on the irrationality of human action. Shiller argues that the economist'...
5 comments:
Thursday, January 16, 2014

Congratulations Harold

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My colleague Harold Demsetz was honored this year, along with Stanley Fischer, Jerry Hausman and Paul Joskow, as a Distinguished Fellow of t...
Tuesday, January 14, 2014

History Matters

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I was planning to take a break from blogging today but then I came across Chris House's  homily  to his students encouraging them not to...
6 comments:
Monday, January 13, 2014

Where I differ with Bob Hall on Modelling Unemployment

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My former class mate Nick Rowe , in a comment on Saturday's blog post, asks:  Start with a standard model with perfectly flexible pri...
15 comments: