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marginalrevolution.com - 4/8/2009
My email to Brad DeLong
—
I agree with your point that fiscal policy can work through V and that is the correct way to think about it.  In fact Alex and I present this in our forthcoming Principles text. I think, however, you put too much emphasis on interest elasticity.  Which is the relevant "M" ...
krugman.blogs.nytimes.com - 4/7/2009
One more time
— krugman.blogs.nytimes.com — Brad DeLong is, rightly, horrified at the great Ricardian equivalence misunderstanding. It's one thing to have an... argument about whether consumers are perfectly rational and have perfect access to the capital markets; it's another to have the big ... (more) One more time
Comments vote down winterspeak.com found this 4/7/2009found this
thinkmarkets.wordpress.com - 4/9/2009
Keynes Against DeLong: A Comment on the Cowen-DeLong Debate
— thinkmarkets.wordpress.com — by Mario Rizzo I am reading with some exasperation Brad DeLong’s comments in his exchange with Tyler... Cowen on the efficacy of the stimulus package. Clearly, DeLong is a rigid aggregate demand theorist. He talks about output and employment as if ... (more) Keynes Against DeLong: A Comment on the Cowen-DeLong Debate

Comments vote down The Austrian Economists found this 4/9/2009found this

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EconLog: Library of Economics and Liberty:  The Case for Killing Textbook Macro

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The Case for Killing Textbook Macro
EconLog: Library of Economics and Liberty — Tyler Cowen writes , I agree with your point that fiscal policy can work through V and that is the correct way to think about it. In fact Alex and I present this in our forthcoming Principles text. I'm sorry to hear that. I think that the main lesson of the past few years is that monetarism is not even close to right when the inflation rate is reasonably low (say, less than 5 percent). The notion that "fiscal policy can work through V" (that is, it can increase the velocity of money) is embedded within a faux-physics paradigm that has no value, in my view. It s my view that ...

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