Hamilton on Oil Prices and the Recession

Michael Giberson James Hamilton, “Will rising oil prices derail the recovery?“: I have no doubt that the problems with financial markets were a bigger factor than oil prices in the striking collapse in output in 2008:Q4 and 2009:Q1. The other approaches to measuring the contribution of oil to the downturn surveyed in my Brookings paper … More Hamilton on Oil Prices and the Recession

Some Complexity-based Thoughts on Macro

Lynne Kiesling I am doing a lot of reading and thinking, trying to make some headway on a way-overdue paper, and have been reading a striking working paper from David Colander, Richard Holt, and Barkley Rosser, “The Complexity Era in Economics” (August 2009). Their insights are directed toward the evolution of economics methodology and the … More Some Complexity-based Thoughts on Macro

Reactions to Krugman on the State of Macroeconomics

Michael Giberson Krugman’s long essay in the New York Times Magazine last week continues to stir responses. (All of which are much more substantive and engaging than my supercilious remarks on Jane Smiley’s goofy Marxism in the Huffington Post. ADDED: For a more measured response to Smiley, see Steve Horwitz and Art Carden’s short explanation … More Reactions to Krugman on the State of Macroeconomics

Eichengreen on How Economists Went Astray

Michael Giberson When Paul Krugman wrote about “how economists got it wrong” in the New York Times Magazine, after a few preliminary remarks the story became all about Keynes, Keynesians, and New Keynesians.  By my count the name “Keynes” or some variant of it shows up over 50 times in the essay. He talks a … More Eichengreen on How Economists Went Astray