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Most recent posts

  • Ken Rogoff on UK austerity

    posted to mainly macro on Thu 3rd Oct 13

    Ken Rogoffs article in the FT today is a welcome return to sanity in the austerity debate. None of the nonsense about opponents of austerity believing growth would never return, or that austerity would have no impact on output. Instead Rogoff focuses on what

  • Japans consumption tax: a test of modern macro?

    posted to mainly macro on Tue 1st Oct 13

    Japans Prime Minister Shinzo Abe has decided to go ahead with an increase in consumption taxes from 5% to 8% in April 2014, with a further increase to 10% planned for later. Will this be the first step to reducing the very high level of government debt in Japan

  • Tim Harfords new book on macroeconomics

    posted to mainly macro on Mon 30th Sep 13

    Let me first deal with a potential conflict of interest. Tim has a wide twitter following, and quite often tweets a reference to my blog posts. This might lay me open to the charge that I would be inclined to favourably review his new book to return this favour.

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  • 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

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