April 28: Macroeconomics—Up to 2007:
- Walter Bagehot (1873), Lombard Street http://www.gutenberg.org/etext/4359, entire.
- Ben Bernanke (1983), "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression" American Economic Review 73, pp. 257-276, http://www.jstor.org/view/00028282/di950033/95p00602/0
- John Hicks (1937), "Mr. Keynes and the 'Classics': A Suggested Interpretation", Econometrica http://web.econ.unito.it/bagliano/macro3/hicks_econ37.pdf
- John B. Taylor (2000), "Reassessing Discretionary Fiscal Policy," Journal of Economic Perspectives Vol. 14, No. 3 (Summer, 2000), pp. 21-36 http://www.jstor.org/stable/2646917
- Alan Auerbach and William Gale (2009), "Activist Fiscal Policy to Stabilize Economic Activity" http://www.nber.org/papers/w15407.pdf
Question: In what respects, given what you know, has the police response to what we are now starting the call the "great recession" exceeded reasonable expectations for what can be accomplished in the heat of the moment?