I can’t resist commenting on the discussion between Paul Krugman and Brad DeLong on the young Stanley Fischer (part of the problem is I can’t get the equitablog comment system to work). The one minute summary is that Brad discussed the history of thought and noted that way back when new Keynesian macro was new, […]
Recently I wrote several posts about macro models with optimizing agents but with downward nominal rigidity. I’ve putten the thoughts together here (pdf warning) with greek letters and subscripts (but without an equation editor). Here is an updated effort (still a pdf)
Hilary W. Hoynes, Diane Whitmore Schanzenbach, Douglas Almond made a genuinely important contribution to the debate on the effects of social welfare programs in this NBER working paper/revised manuscript “Long Run Impacts of Childhood Access to the Safety Net” They took advantage of a natural experiment to estimate the long run effects of access to […]
In his speech on inequality Barack Obama said it’s also true that some programs in the past, like welfare before it was reformed, were sometimes poorly designed, created disincentives to work, but we’ve also seen how government action time and again can make an enormous difference in increasing opportunity and bolstering ladders into the middle […]
1. Big brother is watching you and noticed that you scratched your head wondering why there was not “pop” between “10” and “Cultural. ” 2. I am shoked shoced that listing is going on here. 3. Spock with a beard noticed too and his left eyebrow is ironically raised. 4. these are not the cultural […]
by LaDonna Pavetti Via Jared Bernstein An excerpt from the executive summary blog post Thirty-nine states and the District of Columbia used $1.3 billion from the TANF (Temporary Assistance for Needy Families) Emergency Fund to place more than 260,000 low-income adults and youth in temporary jobs in the private and public sectors during the Great […]
A few is more than two but not a lot. As noted below, I don’t have the gift which it takes to be simple. I really can’t manage 2 period models which illustrate my confused thoughts. My last post (which was messy especially the math in plain ascii and spelling) noted that the government spending […]
First “two Keynesian” is a phrase which only I use. It means a new Keynesian model with two periods the present and next period and forever after when the economy is in steady state. I recently noticed that Krugman’s models, which are much simpler than models I can think up and which have clarified my […]
Recently Paul Krugman wrote a typically diplomatic post entitles “What to do when You’re Wrong” . I thought of that while advising Alessio Marchetti’s undergraduate thesis. He argues at some length that the Abe/Kuroda efforts stimulate an economy at the lower bound with monetary policy have been successful. Of course I had vaguely noticed this. […]
The latest thing is discussing the possibility that the economy might be in a liquidity trap for a long long time or might repeatedly fall into one. So I ask what about some permanent fiscal stimulus to deal with secular stagnation. Now this question is an offence against Keynes and, much more, against new Keynesian […]