The debate with Bradford De Long

5 marzo 2009michele boldrin

A few things I learned.

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Seven Myths. Nay, Seven Follies (IV)

24 febbraio 2009michele boldrin

Of traps and mice.

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Seven Myths. Nay: Seven Follies (III)

24 febbraio 2009michele boldrin

We need a larger fiscal stimulus. [This is part III of a seven-part (!) discussion. Part I, II and IV ...]

Versione italiana ora disponibile cliccando sulla bandierina accanto al titolo

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Seven Myths. Nay: Seven Follies (II)

9 gennaio 2009michele boldrin

Let's look at the second myth. The one that lead BB&Co to cut the Fed Fund Rate to zero last month. Even Bob Lucas, I am told, approved of it. I do not: it is either useless or, most likely, damaging because of the expectations formation process it motivates.

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Seven Myths. Nay: Seven Follies. (I)

1 gennaio 2009michele boldrin

I find the ongoing public debate on the "crisis" and its "solutions" misguided. It is a "100-times larger" replica of the one that took place in 2001-2003 (and gave us the policies the effects of which we are all currently enjoying) and of the never-ending 1990s lamentation over the "Japanese Depression" (in which all the policies now being advocated were adopted, with the known results). Well aware of being part of a minuscule minority of dissenters, I dare to dissent.

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The fatal conceit in Paulson's plan

3 ottobre 2008michele boldrin

Here's is why, all the other criticisms notwithstanding and no matter how slick and refined the auctions will be, the Paulson plan cannot solve the liquidity and financial crisis anytime soon.

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Crisis and Bailout - Updated

29 settembre 2008David K. Levine e michele boldrin

This is the third part of 1000 Alitalia in one shot ... I have a "new" coauthor and we have managed to find some data that leave us rather puzzled about the whole thing. In fact, we are still working on the more controversial (really controversial) data and their implications, so stay tuned as it may be more "fun" than we would like it to be. Because everyone is busy making urgent proposals (while Bush, Paulson, Bernanke and Congress are busy ignoring them and playing politics or serving vested interests) we also throw in our two cents on the topic "urgent measures". The only one we really advocate being "stay calm, think, do not panic, do not rush ... talk softly but carry a big stick ...". Apparently no one is staying calm, so disaster may really fall upon us.

Questa sarebbe la terza parte di 1000 Alitalia in one shot... Ho un coautore di lusso e, visto l'evolversi degli eventi, abbiamoprovato a fare due conti a mano. I dati più interessanti, ma anche più controversi, continuiamo a guardarli e riguardarli per essere sicuri di quanto andremo dicendo. Non c'è fretta, arriverà anche quell'articolo e temo che qualcuno concluderà che siamo diventati decisamente e per sempre "pazzi" ... amen, ci abbiamo fatto il callo. Poiché tutti si affannano a dire la loro sul da farsi immediato (mentre Bush, Paulson, Bernanke ed il Congresso li ignorano olimpicamente) diciamo anche noi la nostra, per quel che vale, sulle "misure urgenti". Come con l'articolo precedente, non ho trovato il tempo per tradurlo in italiano. Mi scuso.

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1000 Alitalia in one shot: so' forti 'sti Amerikani .... (II)

23 settembre 2008michele boldrin

I apologize for being so verbose, but while writing I am trying to also clear my mind of its many confusions. Because nFA is a blog read by many people, I am also trying to make the argument at least partially understandable to readers not trained in formal economic theory. A machine translation into the Italian language is available (click the flag), which I hope to turn into readable, instead of laughable, Italian tomorrow.

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1000 Alitalia in one shot: so' forti 'sti amerikani ... (I)

22 settembre 2008michele boldrin

Trying to make sense of what is happening in the US financial markets, and of what the Fed and the US Government are doing, is not that simple. I start today, in the hope to finish the second and third part by the end of the week. The Italian versions should also be appearing, with a one-day delay.

The second part is here

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The Ultimate Greenspan Put ...

1 aprile 2008michele boldrin e alex citanna

... is being implemented collectively by Bernanke, Paulson and the Congress. It will deliver, it is already delivering, inflation and devaluation of the dollar. While its alleged purpose is to stabilize financial markets by providing much needed liquidity, at this time it seems to serve also the purpose of bailing out those that for 15 years have been making phoney profits by playing games; games that have now blown up. If current policies are maintained for much longer the outcome will be either the above or prolonged stagflation, or both; there is no realistic alternative.

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