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Thursday, May 14, 2009
Tuesday, May 12, 2009
DeLong: Policies that Might Work I: Fiscal Policy
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Posted via email from http://braddelong.posterous.com/delong-policies-that-might-work-i-fiscal-poli at Brad DeLong's Scrapbook
Friday, May 08, 2009
Cryptic Note to Self: I Will Never Understand Chicago Today...
"But monetary policy can still be very effective: you just have to buy things other than Treasury bonds in your open-market operations..."
So you grow the money stock: what does that do? Unless your expansionary monetary policy raises short-term interest rates--in which case it is not what I at least think of as expansionary monetary policy--it moves you by the little red line--and it creates a huge excess demand-inflation problem whenever interest rates return to their normal (black) levels as shown by the big black arrow.
By contrast, fiscal policy--or perhaps flow-of-funds policy: fiscal and banking policy--that sops up the flow of savings and raises short-term safe nominal interest rates gets you quickly to the blue arrow--with no long-run monetary-overhang problem to produce a big burst of inflation later.
More to follow...
DeLong: Econ 202b April 28-May 5: Narrative of the Financial Crisis
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Thursday, May 07, 2009
Friday, April 17, 2009
Thursday, April 16, 2009
DeLong: Financial Crisis and Economic Activity: Notes on Bernanke and Gertler (1989), "Agency Costs, Net Worth, and Business Fluctuations"
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Posted via email from http://braddelong.posterous.com/delong-financial-crisis-and-economic-activity at Brad DeLong's Scrapbook
Tuesday, April 14, 2009
Thursday, April 09, 2009
The Coming of the Industrial-Financial Business Cycle: Economics 202b: April 9, 2009 Lecture
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Posted via email from http://braddelong.posterous.com/delong-the-coming-of-the-industrial-financial at Brad DeLong's Scrapbook
Tuesday, April 07, 2009
Monday, April 06, 2009
Thursday, April 02, 2009
DeLong: Thinking About Macroeconomic Issues 1890-1935—Plus What Is Going on Today: Economics 202b Lecture (April 2, 2009)
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Audio:
Posted via email from http://braddelong.posterous.com/delong-thinking-about-macroeconomic-issues-18 at Brad DeLong's Scrapbook
Wednesday, March 11, 2009
Tuesday, January 20, 2009
Saturday, December 20, 2008
Recent Posts
- DeLong: Econ 202b: May 14: Policies that Might Work II: Banking
- DeLong: Policies that Might Work I: Fiscal Policy
- Cryptic Note to Self: I Will Never Understand Chicago Today...
- DeLong: Econ 202b April 28-May 5: Narrative of the Financial Crisis
- DeLong: Econ 202b: Sample Exam
- DeLong: Econ 202b Lecture May 7, 2009: Trying (and Failing) to Understand the "Modern Chicago" View of the Financial Crisis
- DeLong: Econ 202b April 23, 2009 Lecture: Notes on the 1997-1998 East Asian Financial Crisis
- Economics 202b, Part II: Relevant Macroeconomics Reading List
- DeLong: Financial Crisis and Economic Activity: Notes on Bernanke and Gertler (1989), "Agency Costs, Net Worth, and Business Fluctuations"
- Econ 202b: April 14, 2009: Liquidity, Risk, Duration, and Bank Runs: Notes on Diamond and Dybvig
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From Brad DeLong
J. Bradford DeLong, Professor of Economics at U.C Berkeley, a Research Associate of the NBER, a Visiting Scholar at the Federal Reserve Bank of San Francisco, and Chair of Berkeley's Political Economy major.
Among his best works are: "Is Increased Price Flexibility Stabilizing?" "Productivity Growth, Convergence, and Welfare," "Noise Trader Risk in Financial Markets," "Equipment Investment and Economic Growth," "Princes and Merchants: European City Growth Before the Industrial Revolution," "Why Does the Stock Market Fluctuate?" "Keynesianism, Pennsylvania-Avenue Style," "America's Peacetime Inflation: The 1970s," "American Fiscal Policy in the Shadow of the Great Depression," "Review of Robert Skidelsky (2000), John Maynard Keynes, volume 3, Fighting for Britain," "Between Meltdown and Moral Hazard: Clinton Administration International Monetary and Financial Policy," "Productivity Growth in the 2000s," "Asset Returns and Economic Growth."
- Leigh Speakers' Bureau:
The Eighteen-Year-Old is going to college next year, which means that I need to think about making more money. (The idea that one might write checks to rather than receive checks from universities is now strange to me.) So I have signed up with the Leigh Speakers' Bureau which also handles, among many others: Chris Anderson; Suzanne Berger; Michael Boskin; Kenneth Courtis; Clive Crook; Bill Emmott; Robert H. Frank; William Goetzmann; Douglas J. Holtz-Eakin; Paul Krugman; Bill McKibben; Paul Romer; Jeffrey Sachs; Robert Shiller;James Surowiecki; Martin Wolf; Adrian Wooldridge.
About Brad DeLong
- Leigh Speakers' Bureau
The Eighteen-Year-Old is going to college, which means that I need to think about making more money. (The idea that one might write checks to rather than receive checks from universities still seems very strange to me.) So I have signed up with the Leigh Speakers' Bureau which also handles, among many others: Chris Anderson; Suzanne Berger; Michael Boskin; Kenneth Courtis; Clive Crook; Bill Emmott; Robert H. Frank; William Goetzmann; Douglas J. Holtz-Eakin; Paul Krugman; Bill McKibben; Paul Romer; Jeffrey Sachs; Robert Shiller;James Surowiecki; Martin Wolf; Adrian Wooldridge.
- J. Bradford DeLong is a professor of economics at the University of California at Berkeley, chair of its political economy major, a research associate of the National Bureau of Economic Research, a visiting scholar at the Federal Reserve Bank of San Francisco, and was in the Clinton administration a deputy assistant secretary of the U.S. Treasury. His best work extends from business cycle dynamics through economic growth, behavioral finance, political economy, economic history, international finance to the history of economic thought and other topics.
- Among his best works are: "Is Increased Price Flexibility Stabilizing?" "Productivity Growth, Convergence, and Welfare," "Noise Trader Risk in Financial Markets," "Equipment Investment and Economic Growth," "Princes and Merchants: European City Growth Before the Industrial Revolution," "Why Does the Stock Market Fluctuate?" "Keynesianism, Pennsylvania-Avenue Style," "America's Peacetime Inflation: The 1970s," "American Fiscal Policy in the Shadow of the Great Depression," "Review of Robert Skidelsky (2000), John Maynard Keynes, volume 3, Fighting for Britain," "Between Meltdown and Moral Hazard: Clinton Administration International Monetary and Financial Policy," "Productivity Growth in the 2000s," "Asset Returns and Economic Growth."
Search Brad DeLong's Website
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