Economia
TheMoneyIllusion
A slightly off-center perspective on monetary problems.
The Special Theory of Employment, Interest and Money
I recently reread John Cochrane’s now infamous 2009 attack on fiscal stimulus for about the 4th time, and it’s not getting any better. Oddly, he ends up arguing that we need more money and T-securities, which is precisely Brad DeLong’s argument. But he seems confused about the Keynesian model, arguing that the Keynesians favor more consumption, not more investment.I have some sympathy of Cochrane, as I also find Keynesianism very confusing. You often hear Keynesians warn about too much saving. Since it’s basically a closed economy model where S=I, that would seem to imply they fear too much investment. Yet they don’t really worry about too much saving, rather they worry about too little saving triggered by an attempt by the public to save more at any given interest rate, which sets in motion a series of events that lead to less saving. Or at least I think that’s what they assume (in accelerator models), but perhaps I’m just as wrong as Cochrane.In my view the basic problem with the Keynesian model is not that it’s “wrong” (how could something be completely wrong and yet accepted by so many brilliant people?) but rather that it’s right, when it’s right, for peculiar and unreliable reasons.
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Nova artigo de pesquisa de Antony Mueller: Além de Keynes de dos Clássicos. Use google tradutor para tradução do inglês. Participe na discussão Beyond Keynes and the Classics. Outline of the Goods Side/Money Side Model of the Business...
- Além Do Keynes E Os Clássicos
Beyond Keynes and the Classics. Outline of the Goods Side/Money Side Model of the Business Cycle and Macroeconomic Configurations Antony P Mueller UFS - Federal University of Sergipe - Universidade Federal de SergipeJanuary 20, 2014 Abstract: This...
- Modelo Keynesiano - Crítica Da Curva Is
WORKING PAPER SERIES NO 1236 / AUGUST 2010 IS THE NEW KEYNESIAN IS CURVESTRUCTURAL? by Livio Stracca Abstract There is already a small literature emphasising the empirical failure of the New Keynesian IS curve, but it is not yet known if this...
- Causas Da Grande Recessão
Roger FarmerNBER Working Paper No. 17479 Issued in October 2011 NBER Program(s): EFG This paper argues that the stock market crash of 2008, triggered by a collapse in house prices, caused the Great Recession. The paper has three parts. First, it provides...
- Contra Keynes E O Keynesianismo Moderno
"... Robert Barro, Harvard University, said of the Obama fiscal stimulus proposal: "This is probably the worst bill that has been put forward since the 1930s. I don't know what to say. I mean it's wasting a tremendous amount of money. It has some...
Economia
Keynes' teoria especial
TheMoneyIllusion
A slightly off-center perspective on monetary problems.
The Special Theory of Employment, Interest and Money
I recently reread John Cochrane’s now infamous 2009 attack on fiscal stimulus for about the 4th time, and it’s not getting any better. Oddly, he ends up arguing that we need more money and T-securities, which is precisely Brad DeLong’s argument. But he seems confused about the Keynesian model, arguing that the Keynesians favor more consumption, not more investment.I have some sympathy of Cochrane, as I also find Keynesianism very confusing. You often hear Keynesians warn about too much saving. Since it’s basically a closed economy model where S=I, that would seem to imply they fear too much investment. Yet they don’t really worry about too much saving, rather they worry about too little saving triggered by an attempt by the public to save more at any given interest rate, which sets in motion a series of events that lead to less saving. Or at least I think that’s what they assume (in accelerator models), but perhaps I’m just as wrong as Cochrane.In my view the basic problem with the Keynesian model is not that it’s “wrong” (how could something be completely wrong and yet accepted by so many brilliant people?) but rather that it’s right, when it’s right, for peculiar and unreliable reasons.
Mais
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- Mais De 100 Downloads Já
Nova artigo de pesquisa de Antony Mueller: Além de Keynes de dos Clássicos. Use google tradutor para tradução do inglês. Participe na discussão Beyond Keynes and the Classics. Outline of the Goods Side/Money Side Model of the Business...
- Além Do Keynes E Os Clássicos
Beyond Keynes and the Classics. Outline of the Goods Side/Money Side Model of the Business Cycle and Macroeconomic Configurations Antony P Mueller UFS - Federal University of Sergipe - Universidade Federal de SergipeJanuary 20, 2014 Abstract: This...
- Modelo Keynesiano - Crítica Da Curva Is
WORKING PAPER SERIES NO 1236 / AUGUST 2010 IS THE NEW KEYNESIAN IS CURVESTRUCTURAL? by Livio Stracca Abstract There is already a small literature emphasising the empirical failure of the New Keynesian IS curve, but it is not yet known if this...
- Causas Da Grande Recessão
Roger FarmerNBER Working Paper No. 17479 Issued in October 2011 NBER Program(s): EFG This paper argues that the stock market crash of 2008, triggered by a collapse in house prices, caused the Great Recession. The paper has three parts. First, it provides...
- Contra Keynes E O Keynesianismo Moderno
"... Robert Barro, Harvard University, said of the Obama fiscal stimulus proposal: "This is probably the worst bill that has been put forward since the 1930s. I don't know what to say. I mean it's wasting a tremendous amount of money. It has some...