Comments on: Keynesian alchemy http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/ Sharpening my knife Sun, 25 Jul 2010 21:20:03 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: swong http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5234 swong Mon, 19 Jan 2009 02:26:03 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5234 Yes. All max. We just have to take the economy up to 11! Yes. All max. We just have to take the economy up to 11!

]]> By: pushmedia1 http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5203 pushmedia1 Sun, 18 Jan 2009 19:24:49 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5203 Well, add that to the unlimited budget constraint and I think you may be on to something! Well, add that to the unlimited budget constraint and I think you may be on to something!

]]> By: swong http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5143 swong Sun, 18 Jan 2009 08:40:40 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5143 I think I've mastered it. It's minmax without the min! I think I’ve mastered it. It’s minmax without the min!

]]> By: Gabriel http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5133 Gabriel Sun, 18 Jan 2009 07:09:50 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5133 Oh, ok. I think that the output gap story is simple and therefore accessible and easy for people to apply (and people love stuff they can master!) but I also think it's deceivingly simple, in that policy is too easy to conduct. The Keynesian revival is equivalent to closing our eyes to a bunch of glaring issues and inconsistencies with the data record. Oh, ok. I think that the output gap story is simple and therefore accessible and easy for people to apply (and people love stuff they can master!) but I also think it’s deceivingly simple, in that policy is too easy to conduct.

The Keynesian revival is equivalent to closing our eyes to a bunch of glaring issues and inconsistencies with the data record.

]]> By: pushmedia1 http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5122 pushmedia1 Sun, 18 Jan 2009 05:08:08 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5122 You said you didn't get the Keynesian revival but then you went on to say that people intuit outgapism. If you're intuition is Keynesian, it shouldn't be surprising for you to be Keynesian when push comes to shove. You said you didn’t get the Keynesian revival but then you went on to say that people intuit outgapism. If you’re intuition is Keynesian, it shouldn’t be surprising for you to be Keynesian when push comes to shove.

]]> By: Gabriel http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5112 Gabriel Sun, 18 Jan 2009 03:45:51 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5112 Huh... I'm not sure I follow this conversation anymore. "Output gap keynesianism" gives us a <a href="http://angrymargin.blogspot.com/2008/12/2-pages-of-nairu-keynesianism.html" rel="nofollow">deceivingly simply story</a> about the economy. There's really no alternative out there, in terms of simplicity and verisimilitude. Sure, you can always rationalize one particular event in a model with enough shocks, but... I just don't know. Huh… I’m not sure I follow this conversation anymore.

“Output gap keynesianism” gives us a deceivingly simply story about the economy. There’s really no alternative out there, in terms of simplicity and verisimilitude.

Sure, you can always rationalize one particular event in a model with enough shocks, but… I just don’t know.

]]> By: pushmedia1 http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5109 pushmedia1 Sun, 18 Jan 2009 02:48:37 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5109 "macro failure" - doesn't that explain your Keynesian revival? “macro failure” – doesn’t that explain your Keynesian revival?

]]> By: Gabriel http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5099 Gabriel Sun, 18 Jan 2009 01:39:43 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5099 Stiglitz is right... scratch the surface and most economists believe in the neoclassical synthesis, i.e. "classical" trend + output gaps. Micro-level efficiency and macro-level failure. Basically, Mankiw's textbooks. That's why a lot of effort is invested in rediscovering old results via new tools. Stiglitz is right… scratch the surface and most economists believe in the neoclassical synthesis, i.e. “classical” trend + output gaps. Micro-level efficiency and macro-level failure. Basically, Mankiw’s textbooks. That’s why a lot of effort is invested in rediscovering old results via new tools.

]]> By: pushmedia1 http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5098 pushmedia1 Sun, 18 Jan 2009 01:13:50 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5098 So do we not believe this stuff or are we spineless advisors? So do we not believe this stuff or are we spineless advisors?

]]> By: Gabriel http://www.ambrosini.us/wordpress/2009/01/keynesian-alchemy/comment-page-1/#comment-5094 Gabriel Sun, 18 Jan 2009 00:26:46 +0000 http://www.ambrosini.us/wordpress/?p=1035#comment-5094 The "Keynesian revival" over the last few months was really surprising and, dare I say it, depressing. The “Keynesian revival” over the last few months was really surprising and, dare I say it, depressing.

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