Must-read: Olivier Blanchard et al.: “Macro Effects of Capital Inflows:...
Olivier Blanchard et al.: Macro Effects of Capital Inflows: Capital Type Matters: “Some scholars view capital inflows as contractionary… …but many policymakers view them as expansionary. Evidence...
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MOAR musings on whether we consciously know more or less than what is in our...
Larry Summers presents as an example of his contention that we know more than is in our models–that our models are more a filing system, and more a way of efficiently conveying part of what we know,...
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A semi-platonic dialogue about secular stagnation, asymmetric risks, Federal...
Sokrates: You remember how I used to say that only active dialogue–questions-and-answers, objections-and-replies–could convey true knowledge? That a flat wax tablet covered by written words could only...
View ArticleMust-read: Martin Sandbu: “Free Lunch: On Models and Making Policy”
Must-Read: Superb from the extremely sharp Martin Sandbu! Only three quibbles: There are indeed “three great economists” in the mix here, but their names are Summers, Krugman, and Blanchard… This isn’t...
View ArticleMust-read: Olivier Blanchard: “Ten Take Aways from the ‘Rethinking Macro...
Must-Read: I think the extremely-sharp Olivier Blanchard misses an important part of my argument here. If g the rate of growth of a government’s taxing capacity > r its cost of funds via borrowing...
View ArticleMust-read: Olivier Blanchard: “The Price of Oil, China, and Stock Market...
Must-Read: Olivier Blanchard: The Price of Oil, China, and Stock Market Herding: “The main effect of a slowdown in China would be, through lower commodity prices… …help rather than hurt the United...
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Must-read: Olivier Blanchard: “The US Phillips Curve: Back to the 60s?”
Must-Read: Olivier Blanchard says that he and Paul Krugman differ not at all on the analytics but, rather, substantially on “tone”. When I read Olivier, I find his tone so measured and reasonable that...
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Must-read: Olivier Blanchard et al.: “Inflation and Activity–Two Explorations...
Must-Read: Olivier Blanchard, Eugenio Cerutti, and Lawrence Summers: Inflation and Activity–Two Explorations and their Monetary Policy Implications: “Since the mid-1970s, short-run inflation...
View ArticleMust-read: Olivier Blanchard and Joseph E. Gagnon: “Are US Stocks Overvalued?”
Must-Read: I think that this is completely right: expected returns on U.S. stocks right now are lower than average, but the gap between expected returns on stocks and on other assets is significantly...
View ArticleMust-read: Olivier Blanchard et al.: “Reality Check for the Global Economy”
Olivier Blanchard et al.: Reality Check for the Global Economy: “After five years of disappointing recovery throughout the major economies… …almost everyone is ready to believe the worst. The...
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Must-read: Olivier Blanchard: The US Phillips Curve: Back to the 60s?
Must-Read: Olivier Blanchard says that he and Paul Krugman differ not at all on the analytics but, rather, substantially on “tone”… It looks as though the center of the Federal Reserve is working today...
View ArticleMust-read: Olivier Blanchard: “Rethinking Macro Policy”
Must-Read: It is now six years since Olivier Blanchard called for “outlining the contours of a new macroeconomic policy framework”. Yet what is that framework? Where is it? Who outlines it? And what...
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Must-Read: Olivier Blanchard: Rethinking Macro Policy: Progress or...
Must-Read: On this one–views of fiscal policy–put me down not for progress but for “confusion for $2000”, Alex, for on this one I think the very sharp Olivier Blanchard has got it wrong. The world...
View ArticleMust-Read: Olivier Blanchard: How to Teach Intermediate Macroeconomics after...
Must-Read: Am I allowed to say that nearly all of this is in Paul Krugman’s 1998 The Return of Depression Economics? Olivier Blanchard: How to Teach Intermediate Macroeconomics after the Crisis?: “The...
View ArticleMonday DeLong Smackdown: Olivier Blanchard on How the Eurozone Can Be...
A high-quality DeLong smackdown! Keep ’em coming, please… Olivier Blanchard: How the Eurozone Can Be Strengthened After Brexit: “Brexit raises fundamental questions…. Meanwhile, Europe must continue to...
View ArticleMust-Read: Olivier Blanchard: Boasting a Bit…
Must-Read: Olivier Blanchard: Boasting a bit…: @ojblanchard1 Congratulations Prof.Blanchard – my call too! Let's hope we remain correct(Richard Griffiths Sloan 86). — Richard Griffiths...
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There Is an Old Joke About Economists, Keys, and Lampposts That Comes to Mind...
This is an interesting, if an Aesopian, article by Olivier Blanchard… He says that we need five kinds of macroeconomic models. He then gives examples of the five kinds. The examples of four of the...
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Must-read: Olivier Blanchard et al.: “Inflation and Activity–Two Explorations...
Must-Read: Olivier Blanchard, Eugenio Cerutti, and Lawrence Summers: Inflation and Activity–Two Explorations and their Monetary Policy Implications: “Since the mid-1970s, short-run inflation...
View ArticleMust-read: Olivier Blanchard and Joseph E. Gagnon: “Are US Stocks Overvalued?”
Must-Read: I think that this is completely right: expected returns on U.S. stocks right now are lower than average, but the gap between expected returns on stocks and on other assets is significantly...
View ArticleMust-read: Olivier Blanchard et al.: “Reality Check for the Global Economy”
Olivier Blanchard et al.: Reality Check for the Global Economy: “After five years of disappointing recovery throughout the major economies… …almost everyone is ready to believe the worst. The...
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