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midnightseminar 2013/11/29
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Credibility and Monetary Policy in a Liquidity Trap (Wonkish)
Via Mark Thoma, Mankiw and Weinzierl have a paper (pdf) arguing that fiscal expansion shouldnâ€™t be the tool of choice even at the zero lower bound; that monetary policy can still work if you can credibly make commitments about future monetary policy. As they acknowledge, the potential role of expected future money isnâ€™t a new insight; it was at the heart of my original analysis, and itâ€™s a central
midnightseminar 2013/11/23
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Monetarism Falls Short (Somewhat Wonkish)
The central debate over macroeconomic policy is, of course, between Keynesians and Austerians. And at this point the Keynesians have overwhelmingly won the debate everywhere except where it matters â€“ the intellectual basis for austerity economics has collapsed, but actual austerity continues apace on both sides of the Atlantic. There have, however, been a couple of side shows, with what I guess no
midnightseminar 2013/11/23
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midnightseminar 2013/11/08
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midnightseminar 2013/11/08
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midnightseminar 2013/11/08
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midnightseminar 2013/11/06
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Globalization and Keynesianism
Looking at some of the comments on yesterdayâ€™s column, I see that a fair number of readers believe that Keynes is no longer valid because any increase in domestic demand will simply â€œleakâ€ abroad. This is a widespread view, but itâ€™s wrong. Globalization has been impressive, but it has not proceeded far enough to make Keynesian analysis irrelevant. Actually, you should realize this point immediatel
midnightseminar 2013/08/24
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midnightseminar 2013/04/25
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midnightseminar 2013/04/25
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