Monthly Archives: October 2014

Does trust in money mean trusting there won’t be helicopters?

My ebay copy of Azariades’ ‘Intertemporal Macroeconomics’ arrived in the post today, and, excitedly thumbing through it, trying to work out what had caused the previous owner to scrawl ironic exclamation marks, or underline, I stumbled on a paper by … Continue reading

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Paul Krugman and Gavyn Davies on secular stagnation

Paul Krugman steps in to clarify the distinction between stagnation in growth rates brought upon by a reduced growth in supply – population, technology, participation – and demand.   His piece was prompted by Gavyn Davies’ reporting on some econometrics that … Continue reading

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Why I’m against helicopter drops

More on helicopter money, prompted by Simon Wren Lewis’ post, and exchanges with Eric Lonnergan and others in the comments appended to my last post on this. First, responding to Simon.  He says that I argue “that if the central … Continue reading

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Janet Yellen should keep off the inequality topic

Janet Yellen’s remarks were ill-judged, in my view, and invite attacks on the institution of the Fed and the independence of monetary policy. They also don’t do a great service to the cause of doing something about inequality. 1. She … Continue reading

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The Fed dog is not being wagged by the freshwater or saltwater academic tails

This post replies to a Bloomberg View piece by Noah Smith, which I would caricature as describing the Fed’s economic analysis staff as a dog being wagged alternately by laissez faire freshwater, RBC academics and then activist, sticky-price New Keynesian … Continue reading

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Don’t call the helicopters yet!

This prompted by twitter commentary on Buiter’s recent paper explaining why helicopter drops will always work and stimulate the economy;  a formal paper echoing the call for money printing by Mark Blyth and Eric Lonergan in Foreign Affairs. Buiter’s paper … Continue reading

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The Kingston University Heterodox Economics Business Model

Kingston University Economics Department have been hiring.  And it made me wonder about the business model of their department.  The hiring is prompted by the recruitment of the author of international bestseller ‘Debunking Economics’ by Steve Keen.  The ads made … Continue reading

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Inequality: is it defensible to nurture equality within a nation, ignoring inequality across nations?

John Cochrane’s remarks about greatly falling inequality across nations dwarfing the detail of slight increases in inequality within some Western capitalist economies are a pretty powerful objection Piketty’s call for redistributive taxes to hit the richest percentiles.  Much how cross-nation … Continue reading

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A rider to Noah Smith’s riposte to John Cochrane’s diatribe on inequality

This follows Noah Smith’s recent Bloomberg view piece replying to John Cochrane.  I won’t restate all the good points John makes, which are recounted carefully in Noah’s post.  Instead I’ll list some other counters.  If you have read Noah’s article, … Continue reading

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