Reform and revolution in macroeconomics

Mainly for economists Paul Romer has a few recent posts (start here , most recent here ) where he tries to examine why the saltwater/freshw...

Ferguson tries again

Perhaps stung by the widespread criticism of the way he treated data in his original FT op-ed piece, Professor Niall Ferguson has had anoth...

On what I said before

This is something of a personal indulgence, but my excuse is obvious given recent posts. I always smile when certain people claim that Keyne...

More asymmetries: Is Keynesian economics left wing?

In the textbooks it is suggested that Keynesian economics is what happens when ‘prices are sticky’. Sticky prices sound like prices failing ...

Types of unemployment

For economists This post completes a discussion of a new paper by Pascal Michaillat and Emmanuel Saez. My earlier post outlined their init...

Aggregate demand and the labour market

I’m surprised I do not see a diagram like this more often: The black lines are familiar from any introductory macro textbook. There is a lab...

Rereading Lucas and Sargent 1979

Mainly for macroeconomists and those interested in macroeconomic thought Following this little interchange ( me , Mark Thoma , Paul Krugma...

Was the neoclassical synthesis unstable?

This post presents a very simple story of the development of macroeconomic thought from Keynes until today. It is related to a recent post ...