Four years ago: >Arnold Kling, March 2010: >The Keynesians are certain that deficit spending is contributing much to short-term economic performance, and they are uncertain that it is contributing much to long-term fiscal instability. Show More Summary
That is the new banking book by Charles W. Calomiris and Stephen H. Haber and the subtitle is The Political Origins of Banking Crises & Scarce Credit. I went to review it, but came back to the thought that I liked Arnold Kling’s review better than what I was coming up with, here goes: I […]
My musical chairs model of the economy assumes nominal hourly wages are sticky. In that case fluctuations in NGDP may be highly correlated with changes in the unemployment rate. Arnold Kling doesn’t like the empirical evidence I found in support of the model: Scott is fond of saying, “Never reason from a price change.” I […]
1. Arnold Kling has a question for Thomas Piketty. 2. Suzanne Scotchmer has passed away. In addition to her research achievements, during her time at Harvard she was one of the most popular professors with the graduate students and also one of the most helpful. 3. “Al-Qaida is obsessed with documenting the most minute expenses.” […]
Arnold Kling left this comment (responding to a quote of me): MMs predict that NGDPLT will reduce the severity of the business cycle. Not easy to test, but certainly testable over a period of time. In fact, this is what I believe is the core irrefutable proposition of market monetarism. Suppose that the Fed announces […]
Starting tomorrow I will do a guest blogging stint over at EconLog, which is one of my favorite blogs. I’ve followed David Henderson and Bryan Caplan for many years (and Arnold Kling when he was part of the group.) More recently they were joined by Art Carden and Bart Wilson. Now Art is leaving and […]
1. Auto Urine Therapy in India. 2. Is Easter Island collapse simply a myth? 3. How wealth is transforming New York City. 4. At home with meth users. 5. Helping inflation measures reflect housing bubbles. 6. Arnold Kling reviews Lant Pritchett.
Arnold’s post is this: “Timothy Taylor writes, Married households with children were 40.3% of all US households in 1970; in 2012, that share had fallen by more than half to 19.6%. Interestingly, the share of households that were married without children has stayed at about 30%. Other Family Households, usually meaning single-parent families with children, […]
As usual, I’m in a sort of triangle, where I don’t agree with either side. But FWIW, here’s how I’d respond to Arnold Kling’s new post: Cowen’s stagnation story is that the pace of innovation has slowed, resulting in declining growth in aggregate supply. In contrast, Summers’ story is one of a permanent shortfall of [...]
He makes some good additional points: Here are some criticisms that come to mind. 1. If “the” full-employment real interest rate is negative, then why do we need quantitative easing? Why does not the excess of saving over investment not by itself drive long-term rates to zero? 2. Summers wants to claim that full employment […]
1. Robot deer outsmart hunters. 2. The coming of higher skilled jobs to Mexico. 3. Arnold Kling on health care implementation. 4. Some good blog posts on regulatory reform. 5. The culture that is German chicken foot soup, by Brendan Greeley.
Here’s Arnold Kling discussing the Great Inflation and its aftermath: Let me throw a third hypothesis into the mix. There was a fair amount of money illusion in financial markets in the 1970s. That is, people looked at high nominal interest rates and thought that this would slow down inflation. In fact, interest rates were [...]
Economist Arnold Kling developed and sold a start-up web company in the 1990s. Before that he worked at Freddie Mac and the Federal...
1. Josh Barro on health insurance as fiscal policy. The private market may be more statist than you think. 2. Arnold Kling on when the ACA exchanges will be working. Maybe never, or possibly very soon. 3. Chris Conover on how many people will have to change their health insurance plans? There is some exaggeration […]
Arnold Kling diagnoses what went wrong with the new healthcare exchange website.
Somebody who had experience with creating a health insurance brokerage business would know that the systems problems are more complicated than just putting up a web site. In the background, the system needs to communicate with the systems at several government agencies and at the insurance companies. That changes it from a simple technical project […]
Mark Thoma: Economist's View: Ideology and Macroeconomics: >Arnold Kling…. >>In theory, there should be economists who, as they argued for more stimulus in 2009, should at the same time have been arguing for entitlement reform or other reductions in future spending. Show More Summary
Here’s Arnold Kling: Scott Sumner writes, I am amazed by how many proponents of fiscal policy don’t understand that it’s symmetrical. Fiscal policy doesn’t mean more government; it means more government during recessions and less government during booms, with no overall change in the average level of government. Anyone who doesn’t even get to that [...]
Arnold Kling: Ideology and Macroeconomics, by Arnold Kling: Scott Sumner writes, I am amazed by how many proponents of fiscal policy don’t understand that it’s symmetrical. Fiscal policy doesn’t mean more government; it means more government during recessions and less...
Yves here. I have to confess that I love this title. It serves as a reminder that the meme that lenders in the crisis were somehow victimized by borrowers is a lame defense of rank incompetence or worse. The basic rule of lending is that all you have is downside from a credit perspective. Show More Summary