On the Blogs — The Macro Edition

Summary:
Did macroeconomics give up on explaining recent economic history?-- Simon Wren-Lewis on the Phillips Curve, the time varying NAIRU, Cowles metrics versus VARs and more. ROKE published a paper by him a while agoFiscal Rules: Make them Easy to Love and Hard to Cheat-- From the IMF blog, suggesting limits to spending, and to the size of fiscal deficits as in the European Union. It's more abut the rules really, but also a reminder of how much the IMF has changed... not! For a discussion on how much the IMF has changed go hereLow Bond Yields Have Little to Do With Lax Monetary Policies-- Lars Christensen for Bloomberg on mainstream views about the low natural rate of interest, meaning higher savings from an older population (i.e. a loanable funds theory of interest determination). On the

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