jueves, 18 de abril de 2013

The reason macroeconomics doesn't work very well

Noah Smith

Aggregate demand and modern macroeconomics

JW Mason

Loanable funds and liquidity preference; DeLong vs. Fama

Nick Rowe

"We live in an economy with monetary exchange (not barter). The very concept of "aggregate demand" only makes sense in a monetary economy, because it refers to the monetary demand for goods. To get an increased demand for goods, in terms of money, somewhere along the causal chain you need an excess supply of money. The initial excess demand for loans causes a rise in the rate of interest (loanable funds theory). The rise in the rate of interest causes an excess supply of money (liquidity preference theory). The excess supply of money is either spent, and so creates an increased demand for goods directly; or (more likely), is lent, and so creates an increased supply of loans and investment, and so creates an increased demand for goods indirectly."

martes, 16 de abril de 2013

Fiscal policy as stabilization policy: What do we think now that we did not think in 2007

Brad DeLong y Laura Tyson

The future of the euro: Lessons from history

Brad DeLong

Intervenciones de los participantes

Comentario de Brad DeLong

Reinhart Rogoff resultó falso

Mike Konczal

Mark Thoma

Cullen Roche

Paul Krugman

Tyler Cowen

FT Alphaville

Respuesta de Reinhart y Rogoff. Krugman comenta la respuesta

Randall Wray

Matt O'Brien

Noah Smith

Respuesta más completa de Reinhart y Rogoff

Owen Zidar

Josh Barro

Más reacciones

The Economist


La causalidad sí parece ser la inversa a la sostenida por Reinhart y Rogoff

Otra crítica (vieja) a Reinhart-Rogoff: A World Upside Down?: Deficit Fantasies in the Great Recession

Otro de Krugman

James Kwak

Compilación de Bruegel

Gavyn Davies

Brad DeLong

Ambrose Evans-Pritchard

Más de James Kwak

Krugman otra vez. Y otro

James Hamilton. Pollin y Ash contestan. Hamilton otra vez

Ryan Avent

Arvind Subramanian

Ryan Avent y Martin Wolf

Mike Konczal evalúa el debate

Otro de Krugman

James Hamilton: The contributions of Reinhart and Rogoff

Brad DeLong: Risks of debt

Justin Wolfers y Betsey Stevenson

Otros alumnos critican a Reinhart y Rogoff

Ricardo Hausman (y crítica de Matias Vernengo)

Krugman otra vez

Resumen de David Warsh

New Economic Perspectives. Otro

Dean Baker y Larry Summers

Carta de Reinhart y Rogoff a Krugman. James Hamilton comenta. Y Brad DeLong. Y Ryan Avent. Paul Krugman contesta

Miles Kimball y Yichuan Yuang: High debt does not slow growth. Más de Miles Kimball. Otro de Kimball y Yuang