Tuesday, September 24, 2013

Ignorance and bias in economic models

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Greg Mankiw 's latest post discusses the potential effects of increasing the minimum wage. He refers to a recent paper by Lee and Saez t...
Thursday, September 19, 2013

Does competition get rid of waste in the private sector?

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It is very common to hear comments about the waste of resources when referring to governments and the public sector. Paul Krugman does his ...
Sunday, September 15, 2013

The only uncertainty is why some cannot see facts.

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The idea that policy uncertainty is the main reason why advanced economies and Europe in particular are not recovering fast will not go away...
Thursday, September 5, 2013

The Euro counterfactual

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Since the financial crisis started we have heard many commentators telling the Euro countries: "I told you so, this was a very bad idea...
Friday, August 30, 2013

What $3.4tn will not buy you.

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Paul Davies at FT Alphaville argues that the $3.4tn in foreign reserves that China holds cannot be used to address with their problems o...
Thursday, August 22, 2013

Teaching about inflation is fun (but dangerous)

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Teaching about inflation is fun. Most people who have never been exposed to macroeconomics before are surprised when you show the correlatio...
Thursday, August 15, 2013

Close encounters with the third phase (of the business cycle)

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Macroeconomists analyze business cycles in two different ways: 1. Using a model where crises and booms are driven by shocks (unexpected ev...