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On macro, the need to simplify, and agent based models, reread the one paragraph novel by Jorge Luis Borges, bit.ly/2t2sbWO
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On the euro architecture. The focus has been on fiscal and banking unions. To me, even more important is improving macroeconomic adjustments. And the only solution I see is national wage agreements. bit.ly/2CpPJJb
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In this courageous compromise, democrats get all the spending they want, republicans get all the spending they want, and nobody pays more taxes. :( With such sacrifices, no wonder this compromise was so hard to achieve.
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Should we get rid of the natural rate hypothesis? What evidence is there for hysteresis? Can we exploit the Phillips curve trade off? For all the answers, see bit.ly/2jwnUGH
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Rethinking monetary policy, with Ben Bernanke, Mario Draghi, Phillip Hildebrand, Lael Brainard, Alan Possen. bit.ly/2kM3UQH
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Economists, policy debates, and policy making. A note with Jean Tirole and Agnes Benassy-Quere. bit.ly/2vOPVe7
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On the need for (at least) five classes of macro models :) bit.ly/2nVMLjK
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I did not leak, but am not too unhappy that it did leak :). 7 years already, and still no clear/realistic plan. twitter.com/TrineeshB/stat…
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A third pass at DSGEs :(. Theory is elegant. Reality is messy. One class of models cannot do everything. bit.ly/2jcmX4O
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A Trump administration potential silver lining: It may provide macroeconomists with true randomized (not quite controlled) experiments.
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Further thoughts on DSGE models: What we agree on and what we do not. piie.com/blogs/realtime… .
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First tweet success, so second tweet :) The shape of the Phillips curve, and how it makes life harder for the Fed bit.ly/1OEbFLK
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My first tweet... Trying to make sense of the latest stock market slump blogs.piie.com/realtime/?p=53…
Robert Solow Professor of economics emeritus, MIT
Fred Bergsten Senior Fellow, Peterson Institute for International Economics