Monetarism Falls Short (Somewhat Wonkish)/April 28, 2013, 7:41 am Monetarism Falls Short (Somewhat Wonkish) マネタリズムには何かが足りない（多少専門的） The central debate over macroeconomic policy is, of course, between Keynesians and Austerians. And at this point the Keynesians have overwhelmingly won the debate everywhere except where it matters – the intellectual basis for austerity economics has collapsed, but act

Destructive Creativity 破滅的な独創性 Still thinking my way through the Reinhart-Rogoff debacle and related issues, and I think there’s an important point to be made here about the state of macroeconomics. ずっとラインハート・ロゴフ論文の大失態とそれに関連する事柄について自分なりに考えているんだが、マクロ経済学の現状に関して語られるべき重要な点があると思う。 You can already see quite a few people reacting to this affair by declaring that macro is humbug, we don’t know anything, a

Why Don’t We Have Deflation?/March 5, 2013, 8:59 am Why Don’t We Have Deflation? なぜアメリカはデフレになっていないのか？ Whenever you see a piece suggesting that the US economy has entered a “new normal” of slow growth, you’re likely to see someone making the argument that if the economy actually had lots of excess capacity, we should be seeing deflation. And the question of why we don’t have deflation is a good one

Data, Stimulus, and Human Nature/February 19, 2013, 9:34 am Data, Stimulus, and Human Nature データ、景気対策、そして人の性 David Brooks writes about the limitations of Big Data, and makes some good points. But he goes astray, I think, when he touches on a subject near and dear to my own data-driven heart: デヴィッド・ブルックスがビッグデータの限界について書いているが、いくつかいい点を突いている。でも、彼は、僕自身がデータを使用している親密な主題になると本質を外していると思う： For example, we’ve

2/8/2013 Paul Krugman, Professor at Princeton University ■安倍政権の経済政策をどう評価しますか？ The broad outline looks right. Looks like he’s actually trying to do the right　things. He’s doing what Japan should have been doing a long time ago. The details are hard to evaluate. For an outsider, it’s hard to know. But the idea that Japan should have a short-term fiscal stimulus to get the economy moving, coupled wit

Calvinist Monetary Economics/January 30, 2013, 8:01 am Calvinist Monetary Economics カルビン主義的金融経済学 Aha. In his latest op-ed, John Taylor comes out as a full-fledged monetary Calvinist. No, not a disciple of John Calvin, the preacher — a disciple of Calvin of Calvin and Hobbes. ああ。ジョン・テイラーの最新のオプエド（署名入り論説）を見ると、彼は完全な金融カルビン主義者になってしまった。伝道師のジョン・カルヴァンの弟子じゃなくて、「カルビンとホッブス」のカルビンの弟子。 Way back when, Mike Koncza