The Grumpy Economist

I enjoy moments of agreement, and common sense in publications where it's usually absent. Eduardo Porter writing in the New York Times ...

"The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle" by Marcus Hagedorn, Iourii Manovskii an...

The last two weeks have been full of monetary news with the Swiss Franc peg, and the ECB's announcement of Quantitative Easing (QE). A...

This was an Op-Ed in the Wall Street Journal December 22 2014. WSJ asks me not to post them for a month, so here it is now. I was trying for...

The new and improved online version of my PhD class "Asset Pricing Part 1" will open for business January 18. You can learn mo...

Source: Charles Plosser From a nice paper by Charles Plosser  with that catchy title.  Yes, it's 10 years old, but the lesson is app...

Most Piketty commentary (like the Deridre McCloskey review I blogged earlier ) focuses on the theory, r>g, and so on. After all, that...

Source: New York Times The decline in labor force participation means that a larger and larger fraction of the population, including man...

Jeff Sachs has written a very interesting Project Syndicate piece on Keynesian economics . It's phrased as a critique of Paul Krugman, b...

Larry Summers has a very nice Financial Times oped, " Let this be the year when we put a proper price on carbon " Greg Mankiw has ...

(With credible fiscal policy, of course.)  Another interesting case, from JP Koning's Blog "Moneyness" RBNZ decided to ...

In my last post I started thinking about how options other than currency enforce a zero bound. Imagine there is no more currency, and the F...

Ken Rogoff has  an interesting NBER Working paper " Costs and Benefits to Phasing Out Paper Currency ." Ken would like to get ri...

On Russia, the fall of the Ruble. This is an interesting event on which to test out our various frameworks for thinking about macroeconomi...

This is a Wall Street Journal  oped  on inequality. With 30 days passed, I can post it here. It's a much edited version of my evolving ...

Autopsy for Keynesian Economics. (I don't get to pick the titles BTW) A Wall Street Journal Oped. I'm trying for something cheery ...

Commenter Zack sent the following Paul Krugman links and quotes, which deserve promotion from the comments section. " But deflation i...

Today's Torsten Slok chart. In yesterday's chart , we saw that the market forward curve keeps forecasting a recovery that never co...

Torsten Slok at Deutsche Bank sends the graph, along with some musings on the eternal question: When (if?) interest rates rise, will it l...

This was a Wall Street Journal Op-Ed from a month ago. Now I can post the whole thing in case you missed it then. Who is Afraid of a Li...