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Blogs - Apr 2015

The Monetarist Mistake by Bradford DeLong
Wed, 2015-04-01 16:37

The inadequate response to the Great Recession reflects policymakers' acceptance of Milton Friedman's analysis of the Great Depression. And yet the dominance of Friedman's monetarism has less to do with the evidence supporting it than with the fact that economics is all too often tainted by politics.

Will China’s Infrastructure Bank Work? by Kenneth Rogoff
Tue, 2015-04-07 21:34

With China's creation of the new $50 billion Asian Infrastructure Investment Bank, most of the debate has centered on the futile US effort to discourage other advanced economies from joining. Bu the real question is why multilateral development lending has so often failed, and what might be done to make it work better.

The U.S.: Inept Diplomacy, Indispensable Currency by Joseph P. Joyce
Tue, 2015-04-07 21:50

"...the actions of the Federal Reserve may have more international repercussions than those of U.S. policymakers unable to cope with the shifting landscape of financial diplomacy."


Time US leadership woke up to new economic era by Larry Summers
Tue, 2015-04-07 21:54

"With US commitments unhonoured and US-backed policies blocking the kinds of finance other countries want to provide or receive through the existing institutions, the way was clear for China to establish the Asian Infrastructure Investment Bank. "

The sources of stock market fluctuations by John Cochrane
Wed, 2015-04-08 23:08

How much do dividend-growth vs. discount-rate shocks account for stock price variations?

The mythic quest for early warnings by Steve Cecchetti and Kim Schoenholtz
Wed, 2015-04-15 00:37

The more resilient the financial system, the less reliance we will have on faulty or nonexistent warnings.

In defense of modern macro theory by David Andolfatto
Wed, 2015-04-15 06:50

The dynamic general equilibrium (DGE) approach is the dominant methodology in macro today. I think this is so because of its power to organize thinking in a logically consistent manner, its ability to generate reasonable conditional forecasts, as well as its great flexibility--a property that permits economists of all political persuasions to make use of the apparatus.

Contours of Macroeconomic Policy in the Future by Olivier Blanchard
Wed, 2015-04-15 07:15

Some background to the April 2015 IMF meetings.

Blanchard on Countours of Policy by John Cochrane
Wed, 2015-04-15 07:24

Answering Blanchard...

What Causes Recessions? by Noah Smith
Wed, 2015-04-15 19:53

How did sticky price models come to be.

NK Models by Stephen Williamson
Wed, 2015-04-15 19:59

In defense of microfounded models.

Sticky Prices, Financial Frictions, and the Ben Bernanke Puzzle by Stephen Williamson
Wed, 2015-04-15 20:05

Are New Keynesian models useful for monetary policy?

Monetary policy in New Keynesian models is Gesellian by Nick Rowe
Wed, 2015-04-15 20:18

"The only thing that doesn't make sense is the zero lower bound on nominal interest rates. The zero lower bound is an ad hoc constraint that is stuck on afterwards."

Do not underestimate the power of microfoundations by Simon Wren-Lewis
Wed, 2015-04-15 20:30

"Why are microfounded models so dominant? From my perspective this is a methodological question, about the relative importance of ‘internal’ (theoretical) versus ‘external’ (empirical) consistency."


Why do central banks use New Keynesian models? by Simon Wren-Lewis
Wed, 2015-04-15 20:39
The RBC model assumes the real interest rate clears the goods market, and the NK model shows us why in a monetary economy that can happen (and occasionally why it does not).  

On Immigration
Wed, 2015-04-22 14:50

Should Economists rule? by Simon Wren-Lewis
Fri, 2015-04-24 00:05

Should polotical control be replaced by something more democratic?

The Trans-Pacific Partnership and China’s Reality by Sara Hsu
Mon, 2015-04-27 17:53

TPP at this stage can only increase the cost of doing business for China.

Obama is Failing Us All by Ignoring the Need for Currency Rules in TPP by Dean Baker
Mon, 2015-04-27 18:36

If we recognize the need to address the trade deficit, and the centrality of the value of the dollar, then it is mind-boggling that the Obama administration would not have sought to include rules on currency in the TPP.


Why the TPP is a better trade agreement than you think by Tyler Cowen
Mon, 2015-04-27 20:42

The Debate Over the Trans-Pacific Partnership by Bradford DeLong
Mon, 2015-04-27 21:13

Will the United States Benefit from the Trans-Pacific Partnership? by Mary Amiti and Benjamin Mandel
Mon, 2015-04-27 22:39
We find that while the potential gain from tariff reduction on the typicalU.S. export or import is small (that is, for the average trading relationship across all products and countries), potential gains for a small subset of products and partners may be quite large.

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