by Robert Menzie Chinn provides an excellent summary of arguments that a fiscal stimulus will have no effect on GNP. He charitably doesn’t mention the deduction from an accounting identity. I can’t resist arguing against the arguments which he lists.Click the link to find the arguments. Excellent summary. I think that there is one important […]
by Robert I’d say that Cochrane’s pure quantity theory of money argument against the stimulus is not nonsense like Fama’s effort to learn about the world from an accounting identity. This means I disagree with Krugman who focuses on the word “accounting” in Cochrane’s post. I comment on a diatribe by Brad DeLong which has […]
by Robert Krugman is back to arguing that this recession will be followed by a long period of slack, that is low employment growth as were the last two and that therefore the standard argument in, for example, his textbook against fiscal stimulus and especially against spending as a stimulus is not convincing in this […]
by Robert Will Wilkinson asks what’s with the economics profession. A bit more on the public relations quandary the economics profession ought to be in, if it isn’t already… When I see DeLong more or less indiscriminately trashing everyone at Chicago, or Krugman trashing Barro, etc., what doesn’t arise in my mind is a sense […]
By Spencer I just read an interesting article on the New Deal by Alan Brinkley in the New Republic titled No Deal, Learning From FDR’s Mistakes”. The first two paragraphs are quote: Does the New Deal provide a useful model for fixing our own troubled economy? In many respects, yes. The frenzy of activity and […]
(UPDATE: For some reason the detailed outlay tables vanished from the PDF linked to here. Leading some to put on their tin foil hats. Fear not, I have uploaded them and they appear under the fold). (UPDATE 2: Larger images at CBO Tables)Via Prof. K. It turns out the ‘suppressed’ CBO ‘Report’ turned out to […]
by cactus The TARP and the Welfare Queens Yves Smith had a post up yesterday entitled Quelle Surprise! Big Banks Who Got TARP Funds Reduced Lending. It’s worth a read, but essentially the post is true to its title. Which brings me to a post I wrote back in October, right after TARP came to […]
by Bruce Webb(IMPORTANT UPDATE: REAL CBO REPORT RELEASED h/t Prof. KCONGRESSIONAL BUDGET OFFICE COST ESTIMATE January 26, 2009 H.R. 1 American Recovery and Reinvestment Act of 2009 (oops link fixed) Reader m.jed points us to this PDF ESTIMATED COST OF AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 AS PROVIDED ON THE APPROPRIATION COMMITTEE WEBSITE ON […]
(hat tip coberly)
rdan WAPO reports on Guantanamo: President Obama’s plans to expeditiously determine the fates of about 245 terrorism suspects held at Guantanamo Bay, Cuba, and quickly close the military prison there were set back last week when incoming legal and national security officials — barred until the inauguration from examining classified material on the detainees — […]