Topic: Robert Lucas
Simon Wren-Lewis says the coalition's austerity is a “major macroeconomic policy error.” It's difficult to imagine the government ever...
If you have time, check out this interview with University of Chicago Economist, Robert Lucas that was in this weekend's WSJ. Some interesting...
0 View Larger Image . Following the worst financial panic since Herbert Hoover's presidency, the mathematically minded professors who dominate...
A great quote from William Osler typifies the evolution of our current monetary system. He said: "The philosophies of one age have become the ...
We measure the welfare gain from removing aggregate consumption fluctuations in a model where each individual faces incomplete consumption insurance. 1488 This paper measures the welfare gain from removing aggregate consumption;uctuations in an economy with idiosyncratic income shocks and incomplete consumption ...
Argument #4-that the asset purchase, asset guarantee, and bank recapitalization policies are about to have a big effect and boost the recovery-is one that I really wish were true, but I just don't see evidence of it, at least not right ...
And if you like that, look what DeLong did to Ed Prescott.. In truth, however, Lucas acted rationally in the situation DeLong is referring to. This is even more true if the short run expectation is for zero (or even negative) inflation ...
As a follow-up to my post on debt and its exclusion as a subject of merit amongst several schools of economic thought, I wanted to bring a New York Times article from 1988 to your attention. Many of the key players - Paul ...
As the rhetoric escalates, perhaps it's worth digging through the archives for real insight, instead. Here's Robert Lucas in his 2003 keynote address to the History of Political Economy conference: The problem that the new theories, the theories embedded in ...
In the aftermath of the worst scare since the 1930s, economists have identified a new culprit to share the blame for the subsequent mess - themselves, or rather those among their tribe with whom they disagree. " asked Paul Krugman last week in The ...
