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Category Archives: Macroeconomics
Paul Krugman: Ben Bernanke, Force of Nature
By any reasonable standard, the great failing of economic policy over the past 5 years — monetary and fiscal both — is that it has done too little. Output lies far below reasonable estimates of potential, meaning trillions of … Continue reading
Posted in Austerity, Bernanke, HomeWork, Liquidity trap, Macroeconomics, Paul Krugman
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Paul Krugman: Debt and Growth: The State of the Debate
So, after a brief diversion into issues of manners and etiquette, I hope we’re back to the substance. And there are really three points that have been established; I’m not sure that everyone understands that any one of those … Continue reading
Posted in Austerity, Debt, HomeWork, Macroeconomics, Paul Krugman
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Paul Krugman: Newt Economic Thinking
OK, we had our Munk debate, and I have a few minutes to blog here at Pearson airport; for what it’s worth, my side “won” the audience vote. The notes I used for my opening 6 minutes (I didn’t … Continue reading
Posted in HomeWork, Macroeconomics, Paul Krugman, Public Finance
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Paul Krugman: Procyclical Policy for Germany
OK, like Brad DeLong, I’d like to move on. Let’s stipulate that: 1. I am a big meanie2. Reinhart and Rogoff never should have claimed that there is some kind of critical threshold at 90 percent, and they certainly … Continue reading
Posted in Europe, EZ, HomeWork, Macroeconomics, Paul Krugman
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Paul Krugman: Reinhart And Rogoff Are Not Happy
Update: Brad DeLong makes my point with graphs. Their letter is here. This could go on forever, and both they and I have other things to do. So let me just state — clearly, I hope — where their … Continue reading
Paul Krugman: Sharing Abuse Fairly
Jeff Frankel sorta-kinda defends Reinhart-Rogoff, and says that Alberto Alesina is the bigger austerity villain, having failed to receive his “fair share of abuse”. Brad DeLong weighs in to say that R-R continue to have a lot to answer … Continue reading
Paul Krugman: German Wages and Portuguese Competitiveness (A Bit Wonkish)
There’s a three-cornered debate among Ryan Avent, Tyler Cowen, and Karl Smith over the extent to which a more expansionary ECB policy would help the European periphery. I very much agree with Avent and Smith that Cowen, who worries … Continue reading
Posted in Euro, Germany, Macroeconomics, Paul Krugman
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Paul Krugman: The Smith/Klein/Kalecki Theory of Austerity
Noah Smith recently offered an interesting take on the real reasons austerity garners so much support from elites, no matter hw badly it fails in practice. Elites, he argues, see economic distress as an opportunity to push through “reforms” … Continue reading
Posted in Austerity, Macroeconomics, Neoliberal, Paul Krugman
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How the Case for Austerity Has Crumbled by Paul Krugman | The New York Review of Books
In normal times, an arithmetic mistake in an economics paper would be a complete nonevent as far as the wider world was concerned. But in April 2013, the discovery of such a mistake—actually, a coding error in a spreadsheet, … Continue reading
Posted in Austerity, Macroeconomics, Paul Krugman
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Which Textbook Is That, Exactly?
OK, on the road, and a quick post over coffee. Ryan Avent, like me, was favorably impressed by the Nick Crafts piece on British policy in the 1930s. I was, however, slightly puzzled, in a tooting-my-own-horn fashion, by the … Continue reading
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