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What’s Wrong with EMH?
Scott Sumner wrote a post commenting on my previous post about Paul Krugman’s column in the New York Times last Friday. I found Krugman’s column really interesting in his ability to pack so much real...
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Making Sense of Rational Expectations
Almost two months ago I wrote a provocatively titled post about rational expectations, in which I argued against the idea that it is useful to make the rational-expectations assumption developing a...
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Yes, Judges Do Make Law
Scott Sumner has just written an interesting comment to my previous post in which I criticized a remark made by Judge Gorsuch upon being nominated to fill the vacant seat on the Supreme Court — so...
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Cyclical versus Secular Causes of Stagnation
Nick Rowe and Scott Sumner have recently had an interesting little debate about whether the slowdown in real GDP growth and labor productivity since the 2007-09 downturn is the result of cyclical or...
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What Is This Thing Called “Currency Manipulation?”
Over the past few years, I have written a number of posts (e.g., here, here and here) posing — and trying to answer — the question: what is this strange thing called “currency manipulation?” I have to...
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Defining Currency Manipulation for Scott Sumner
A little over a week ago, Scott Sumner wrote a post complaining that I had not yet given him a definition of currency manipulation. That complaint was a little bit surprising to me, because I have been...
View ArticleWelcome to Uneasy Money, aka the Hawtreyblog
UPDATE: I’m re-upping my introductory blog post, which I posted ten years ago toady. It’s been a great run for me, and I hope for many of you, whose interest and responses have motivated to keep it...
View ArticleKrugman and Sumner on the Zero-Interest Lower Bound: Some History of Thought
UPDATE: Re-upping my post from July 8, 2011 I indicated in my first posting on Tuesday that I was going to comment on some recent comparisons between the current anemic recovery and earlier more robust...
View ArticleKrugman on Mr. Keynes and the Moderns
UPDATE: Re-upping this slightly revised post from July 11, 2011 Paul Krugman recently gave a lecture “Mr. Keynes and the Moderns” (a play on the title of the most influential article ever written about...
View ArticleMore on Arrow’s Explanatory Gap and the Milgrom-Stokey Argument
In my post yesterday, I discussed what I call Kenneth Arrow’s explanatory gap: the absence of any account in neoclassical economic theory of how the equilibrium price vector is actually arrived at and...
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