Further thoughts on Phillips curves

In a post from a few days ago I looked at some recent evidence on Phillips curves, treating the Great Recession as a test case. I cast the ...

Has the Great Recession killed the traditional Phillips Curve?

Before the New Classical revolution there was the Friedman/Phelps Phillips Curve (FPPC), which said that current inflation depended on some ...

When the definition of a recession matters

The official definition of a recession in nearly all developed economies except the US is two consecutive quarters of negative growth. In th...

Bertrand Russell’s chicken (and why it was not an economist)

When that pioneering economist David Hume wrote about the problem of induction , he talked about the possibility that the sun would not ri...

Defending rational expectations

Whenever I post anything which suggests that the idea of rational expectations was a useful innovation in macroeconomics, Lars Syll writes ...

Rational expectations, the media and politics

As those of you who have read a few of my posts will know, on the occasion that I venture into political science I like to push the idea tha...