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Why the Fed’s Zero Interest Rate Policy Failed

If you are like many Americans and an increasing number of economic and financial analysts, you have come, or are coming, to the conclusion that the Federal Open Market Committee’s (FOMC’s) zero…

#quantitative easing, #monetary policy, #federal reserve

Beer Economics at NYU: Go West … towards greener pastures and the job market

A few times a year NYU econ graduate students organize a "beer and economics" meeting where they eat (pizza) drink (beer) and listen to a faculty member they invite. A few days ago it was my turn, for…

#phd, #economics, #job market

Why are interest rates so low (III)*

Some days ago Bernanke published the third piece in the series, where he begins to outline his explanation of why interest rates are so low. Not surprisingly, his first suspect turns out to be "Global…

#bernanke, #economic growth, #macroeconomics, #interest rates, #secular stagnation, #return on capital

Why are interest rates so low (II)

I take up the second part of Ben Bernanke's analysis of why interest rates are so low. He rejects the "secular stagnation" hypothesis advanced, among other, by Larry Summers (see here for more…

#bernanke, #economic growth, #interest rates, #turtles, #summers, #secular stagnation

Why are interest rates so low (I)

I have been thinking at the question in the title for a while, unable to find a convicing answer. Today I discovered that Ben Bernanke believes has an answer, which serves, if I do not read it wrong,…

#economic theory, #economic growth, #interest rates

The Keynesian Illusion

Why does old-fashioned Keynesianism, despite its empirical and intellectual failure, continue to grip the imagination of so many intelligent people?

#keynes, #Keynesianism, #macroeconomics

Jean Tirole and "MIT Theory"

Retrospective insights on Jean Tirole as the exemplar of "MIT Theory"

#economisti, #metodo scientifico, #nobel, #teoria economica

Remembering Stan Reiter

My teacher Stan Reiter passed away back in August. Stan was one of the most important figures in the development of mathematical economic theory in the 20th century but I remember him most for his…

#economisti, #obituari

Un giorno triste triste triste

Ieri è mancato Gary Becker. Gli dobbiamo moltissimo, intellettualmente, professionalmente e personalmente. Gli vogliamo molto bene. Il ricordo che segue è molto personale, frammentato, e incoerente -…

#nobel, #scienza economica

Beer and Economics at NYU: On the Ivory Tower

A few times a year NYU econ graduate students organize a "beer and economics" meeting where they eat (pizza) drink (beer) and listen to a faculty member they invite. A few days ago it was my turn. Not…

#Ivory tower, #phd, #economics