Tag Archives: macroeconomics

The Vice President of the European Central Bank, Vítor Constâncio, gave the opening speech – Developing models for policy analysis in central banks – at the Annual Research Conference, Frankfurt am Main, on September 25, 2017. Last time I heard Constâncio speak in person, in Florence 2015, he was in typical Europhile central bank denial. He thought the Eurozone was fine, a great success given the low inflation, inferring that the ECB’s conduct had something to do with that. He didn’t talk...

It appears to be a mistake to refer to the price level when discussing the theoretical properties of an economy; at best, there are a few price levels in play at a given time. If we are referring to the measured level of a price index, such as the Consumer Price Index (CPI) there is no difficulty, however this aggregate price index should not be expected to correspond to any useful theoretical construct. This article explains my logic, and then looks at the practical implications of what...

Sooo…I have a bit of a confession to make- I’ve established a bit of a cottage industry tutoring students in the course I taught while I was in grad school. Not gonna lie, it’s pretty nice to be seen as an advocate as opposed to the thing between the student and the grade that the student wants, in part because students are more willing to admit what they find confusing to me than to their “real” instructors. As a related project, I figured it would make sense to create videos for the items...

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Michael Stephens | November 30, 2016 New York CitySeptember 13–15, 2017 A workshop organized by the Levy Economics Institute of Bard College with the generous support of The William and Flora Hewlett Foundation The goal of this workshop is to advance the current framework that integrates gender and unpaid work into macroeconomic analysis and enables the development of gender-aware and equitable economic policies. We are...

By William K. BlackNovember 21, 2016     Bloomington, MN Bloomberg has written an article about the origins of Paul Romer’s increasingly famous critique of modern macroeconomics. His intention actually had been to write a paper that would celebrate advances in the understanding of what drives economic growth. But when he sat down to write it in the months before taking over as the World Bank’s chief economist, Romer quickly found his heart wasn’t in it. The world economy wasn’t growing much...

Count to 10 The paper by Paul Romer, The Trouble with Macroeconomics, has been in the news, and many bloggers have posted about it (Lars Syll here, to name one) and some of the major newspapers (for example, here and here). This follows his previous critiques on what he referred to as mathiness. It's also important since now Romer is the World Bank's chief economist. In all fairness, the only refreshing thing in the paper is the sarcasm, and the internal sociological critique of the...