Tuesday, June 21, 2016

Yellen at Radcliffe

Monday, June 20, 2016

On the Alesina Hypothesis

In my  recent NY Times article, I explored several hypotheses to explain slow growth. One was based on work by Alberto Alesina and Silvia Ardagna suggesting that the standard Keynesian view of tax and spending multipliers is inconsistent with the international evidence. 

Paul Krugman says the Alesina-Ardagna work has been "refuted."  Nothing could be further from the truth.  See this recent paper by Alesina, Favero, and Giovazzi on fiscal consolidations, which reports evidence consistent with the earlier work and is forthcoming in the peer-reviewed Journal of International Economics.  (By the way, this work is also consistent with the Romers' finding of large tax multipliers, much larger than the literature finds for spending multipliers.)

To be sure, these issues continue to be debated. Remember: My piece was presenting hypotheses about what has been happening in the economy, not taking a stand about which one is right. From my perspective, the Alesina work suggests a still plausible hypothesis.

Friday, June 17, 2016

What's wrong with the economy?

Click here to read my column in Sunday's NY Times.

Sunday, June 12, 2016

Bad ideas never die

In the Silicon Valley suburbs, activists are pushing for laws that limit rents, even though, as the article says, "economists have an almost universally dim view of rent control."

Monday, June 06, 2016

Summers on Trump

Wednesday, June 01, 2016

Elinor Ostrom in the news (sort of)

A friend emails me:

This article in the today's NY Times discusses how musicians who play near the site where John Lennon died have had trouble managing the common resource of a strategically placed park bench. Currently, however, they have worked out an informal arrangement that appears to work well. The article reminded me of the work of Elinor Ostrom, who was awarded  the Nobel Prize in part for her work on self-governance of the commons.

Saturday, May 28, 2016

Dani Rodrik

Friday, May 27, 2016

What I am doing today

Thursday, May 26, 2016

Sachs on Sanders

Sunday, May 22, 2016

File this under "Quixotic"

Saturday, May 21, 2016

McCloskey on Growth

Tuesday, May 17, 2016

The PhD Job Market

Wednesday, May 11, 2016

How to tell if you're sitting next to an economist

Friday, May 06, 2016

Myths of the Campaign Trail

Click here to read my column in Sunday's NY Tiimes.

Tuesday, May 03, 2016

Cochrane on Growth

Sunday, May 01, 2016

Condorcet in the News

Thursday, April 28, 2016

Kocherlakota on Trump

Narayana writes a column titled Trump Starts Making Economic Sense.  Seems to be a minority view among economists.

Gabaix to Harvard

I just heard the wonderful news that Xavier Gabaix will be joining the faculty of the Harvard economics department. 

Welcome, Xavier!

Addendum: Here is his most recent paper, "A Behavioral New Keynesian Model."

Friday, April 22, 2016

Truths about Trade

Wednesday, April 20, 2016

A Reading for the Pigou Club