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Tag Archives: University of Copenhagen
When ”failure” in economics is ”success” and vice versa?
This post fully lives op to the mantra of the blog, as it contains a lot of “stochastic ramblings” (a nod to Greg Mankiw’s mantra of “random observations”). “Stochastic” as I wander unplanned around important subjects on the developments of economic sciences, and “ramblings” as most of it is scientifically unsubstantiated talk with little coherency, which just emerge from my gut. You have been warned. The backdrop of the following is a festive occasion. An occasion I am truly and deeply happy about. The Institute of New Economic Thinking (INET), which is partly funded by George Soros, has given a grant to establish a center on Imperfect Knowledge Economics (IKE) … Continue reading
Posted in Economic Sciences, Economists
Tagged George Soros, Imperfect Knowledge Economics, Institute of New Economic Thinking, Katarina Juselius, Kevin Hoover, Michael D. Goldberg, Niels Thygesen, Occupy Wall Street, Robert A. Johnson, Robert Frydman, Søren Johansen, University of Copenhagen
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US Output Gap: Still negative
John Taylor recently showed how the United States is currently much farther away from returning to “potential output” compared with the recession of the early 1980s, where above-average output growth during the recovery secured a return to the potential output path. Apart from the obvious implications for the evaluation of the current US recovery, this has led to a deeper discussion about the dangers of extrapolating “potential” output from past values (e.g., maybe the 2007 value was just too high?). James Bullard of St. Louis Fed argues (pdf of speech) that the financial crisis lead to a very persistent negative wealth shock that has pushed potential output down. Hence, the … Continue reading
Posted in Economics, Economists, Monetary policy
Tagged David López-Salido, Financial crisis, James Bullard, John Cochrane, John Taylor, Jordi Galí, Mark Gertler, output gap, Paul Krugman, United States, University of Copenhagen, Zeuthen Lectures
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