DeLong critica a Fama sobre las efectividad del QE

Aca. Yichuan Wang comenta

Debunking the theory of hallowed carry

FT Alphaville

The comparative performance of fixed and flexible exchange rate regimes

Bruegel blogs review

Paul Krugman: Do currency regimes matter?


Sudden stops and exchange rates: Debate entre Antonio Fatás, Krugman y DeLong

De Krugman, un poco antes: Liquidity Preference, Loanable Funds, and Erskine Bowles

Christina Romer: Monetary policy in the post-crisis world: Lessons learned and strategies for the future

Christina Romer. The Economist comenta

The Economist sobre la tasa natural de interés

Aca. Matias Vernengo critica. Más de Vernengo

Otra vez The Economist

Bruegel: The natural interest rate framework

Abenomics one year on

Gavyn Davies

The new american distorporation

The Economist sobre cambios recientes en la formas corporativas más usadas en Estados Unidos

Por que una inflación más alta sería beneficiosa en este momento

Jared Bernstein

2/3 de la ruralidad en Colombia es colectiva

Juan Camilo Cárdenas

"En otras palabras, apenas una tercera parte del territorio rural continental y marítimo del país se podría manejar como una unidad de producción rural desde el modelo capitalista basado en la propiedad individual. El resto del país, por múltiples razones históricas, es un país de espacios colectivos donde miembros de comunidades pueden entrar y aprovechar sus recursos."

Reassessing the thesis of the Monetary History

Paper de David Laidler

What we've learned from the financial crisis

Artículo de Justin Fox

The best cure for "easy money" is easier monetary policy

Nick Rowe

"First off, there's a massive implicit fallacy of composition in that sort of reasoning. If you cut interest rates for one individual that individual will respond by borrowing more and spending more. But that is not how monetary policy works for an economy as a whole. Because one person's spending is another person's income. So if people spend $100 more per month then people earn $100 more income per month, so they don't need to borrow anything more in order to spend more. And it's even less true in an open economy, if a cut in interest rates causes exchange rate depreciation so foreigners spend more on Canadian goods, so Canadian net borrowing from abroad actually falls, as net exports increase.

Second off, low equilibrium interest rates are a symptom of weak demand for goods and low expected inflation. When people and firms fear continuing recession, desired investment will be low ("who will buy the extra goods we produce?"), and desired saving will be high ("what if I can't get a job?"), for any given real interest rate. So the equilibrium real interest rate will actually be lower when people and firms fear a continuing recession than when they don't. (The IS curve slopes the "wrong" way, in other words. Or the IS curve shifts left if people fear continuing recession because of overly tight monetary policy, if you prefer to think of it that way instead.)"

Sobre comercio interregional e internacional

Paul Krugman y Ryan Avent

"Interregional trade is not Ricardian. It is instead rooted in increasing returns and the sort of intra-industry trade that was explained by Mr Krugman's new trade theory.

Rapid trade growth over the past generation ("hyperglobalisation") is a different story, however. That trade has been associated with the incorporation in the global market of very large emerging economies that do have profoundly different factor endowments from rich-world economies: most notably in their relative abundance of cheap labour.

 ...

 Return to the example of the iPhone. Design and engineering work and the production of critical components operate in an increasing returns world. Assembly, by contrast, seems to be governed by comparative advantage.

 But that's still a somewhat dissatisfying narrative. The question is: why should assembly be driven by factor abundance while design is not? It's obviously not because emerging markets can't produce sufficiently talented engineers; they do, and quite often those engineers go to Silicon Valley to work.

 Mr Krugman has wrestled with these dynamics as well. Increasing returns can also generate geographic concentration. In the presence of certain positive externalities, productivity spillovers or complementarities or what have you, firms in one geographic area grow more productive as the area itself grows larger: more firms, higher productivity, more firms. So in one sense, increasing-returns-driven trade is what you get when the productivity benefits of local spillovers outweigh the potential gains from taking advantage of factor-price gaps. As the spillover benefits to bits of a supply chain erode (either because falling transport cost enable one to reap such benefits at greater distance, or because technology maturation means there is less of the tinkering and experimentation that seems to work best in clusters) those bits escape the pull of metropolitan gravity and fall toward places where the factors the bits rely on are cheapest."

Las desventajas del QE

Cardiff Garcia vs Brad DeLong

The puzzle of profits

JW Mason

Krugman sobre el dólar como moneda internacional

Aca

Nobel de Fama, Shiller y Hansen

Scientific background. Información básica.

Brad DeLong, con links a los posts de Tyler Cowen y Alex Tabarrok

The Economist

Tim Taylor

Paul Krugman

Justin Wolfers

Carola Binder sobre Shiller

Guan Yang sobre Hansen. Y sobre Fama aca y aca

John Cochrane sobre Fama, Hansen y Shiller. Y sobre el premio en general

Noah Smith sobre Fama y Shiller

Compilación de Mark Thoma

What the great Fama-Shiller debate has taught us

The inefficiency of the market isn't an open question

How Shiller helped Fama win the Nobel

Gavyn Davies: The Nobel Laureates on equity bubbles

Economic Prinpals

Columna de Shiller: Agreeing to disagree

Entrevista a Fama

Michael Pettis: When are markets 'rational'?

Fallacies of immaculate causation

Paul Krugmam