Picking Up Nickels in Front of the Steamroller: A Simple and Partial Finger Exercise
Okun gaps, monetary accommodation, speculator overoptimism, bailouts, carry trades, bubbles, and taking away the punchbowl before the party really gets rolling. Alas! A risk neutral model, but still one that I think is of considerable use in clarifying a whole bunch of issues...
20091222 delong picking up nickels.pdf
