Saturday, May 23, 2015

GDP: A Brief But Affectionate Review

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For a neo-paleo-Keynesian like me, the first week of an undergraduate macroeconomics lecture is taken up with accounting: Tedious but neces...
5 comments:
Tuesday, May 19, 2015

Thought for the Day: Animal Spirits as a New Fundamental

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  In IS-LM models there is always something in the background shifting the IS curve.  What is it?   In my view that 'something' i...
5 comments:
Tuesday, May 12, 2015

Multiple Equilibria and Financial Crises

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Models of sunspots and multiple equilibria were developed in the 1980s as an alternative to the dominant Real Business Cycle agenda. For th...
6 comments:
Sunday, April 26, 2015

The Unit Root of the Matter: Is it Demand or Supply?

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John Cochrane responds to my piece on why there is no evidence that the economy is self-correcting with an excellent blog post on unit roo...
13 comments:
Friday, April 24, 2015

Beyond 1950's Economic Theory: Nonlinearity, Multiple Equilibria and Sticky Prices

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David Glasner has a very nice post on Price Stickiness and Economics with great comments from Rajiv Sethi ,   Richard Lipsey and Kevin Dono...
12 comments:
Thursday, April 16, 2015

There is No Evidence that the Economy is Self-Correcting (Very Wonkish)

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David Andolfatto asks in a twitter exchange for evidence that deviations of GDP from trend are non-stationary. Here is the raw data. Figure ...
10 comments:
Monday, April 13, 2015

New Solutions to Old Problems

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There was an interesting exchange over the last couple of days between two of my favorite bloggers; Frances Coppola, aka Femina Spectabilis,...
13 comments: