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Sheedy on NGDP targeting and debt contracts

posted to mainly macro on Fri 10th May 13

An argument that is sometimes made for a monetary policy that targets a path for nominal GDP (NGDP) is that it reduces risk for most borrowers who take out debt contracts with repayments fixed in nominal terms (see, for example, Nick Rowe here). However, as
Is UKIP the UK's Tea Party?

posted to mainly macro on Tue 7th May 13

The UK Independence Party (UKIP) received a quarter of the vote in the recent council elections. UKIP has been described as the UK equivalent of the Tea Party movement in the US. Its policies are certainly very much to the right. Large tax cuts (possibly one
More on Naive Fiscal Cynicism

posted to mainly macro on Mon 6th May 13

Paul Krugman is absolutely right that one of the rationales for the IMF and others framing fiscal policy in terms of the speed of consolidation is a belief that left to themselves politicians will always and everywhere let debt rise. As he points out, the facts

Mistakes and Ideology in Macroeconomics

posted to mainly macro on Mon 9th Jan 12

Imagine a Nobel Prize winner in physics, who in public debate makes elementary errors that would embarrass a good undergraduate. Now imagine other academic colleagues, from one of the best faculties in the world, making the same errors. It could not happen.
The heterodox versus the superhuman representative agent

posted to mainly macro on Tue 17th Jul 12

Following this post, Ive been reading the blogs of quite a few heterodox economists. There is a lot that I have read which is challenging, and which has made me think about things in different (for
The Zero Lower Bound and Output Gap Uncertainty

posted to mainly macro on Mon 14th May 12

There is currently a great deal of uncertainty about the size of the output gap in the US, UK and elsewhere. Given the significant lags between fiscal policy decisions and their impact, does that mean we should

Links for 05-11-2013

posted to Economist's View on Sat 11th May 13

Monitoring the Financial System - Ben BernankeBernanke warns on excessive risk - FT.comFood-Stamp Use Rises From Year Ago - WSJU.S. Posts Biggest Monthly Surplus in 5 Years - WSJSheedy on NGDP targeting and debt contracts - mainly macroRyan Cooper Tries to
Links for 05-08-2013

posted to Economist's View on Wed 8th May 13

Goodbye Software Ownership? - DigitopolyKeyness Not So Big Mistake - Paul KrugmanPhysical activity and health - Vox EUKeyness critique of the peace - Crooked TimberIs UKIP the UK's Tea Party? - mainly macroSupport for higher bank capital ratios - FT.comBacking
Links for 05-07-2013

posted to Economist's View on Tue 7th May 13

Reinhart-Rogoffs Lesson for Economists - Srevenson and WolfersMore on Naive Fiscal Cynicism - mainly macroI Confess Clive Crook Is Getting to Me - Brad DeLongKevin Brady's misleading Wall St. Journal op-ed - ataxingmatterUS regulators eye Bitcoin supervision