September 19, 2009 3:42 am September 19, 2009 3:42 am One of John Updike’s novels was titled Memories of the Ford Administration; needless to say, it wasn’t about Gerald Ford — basically it was about sex, because Updike remembered the Carter years as the golden age of extramarital affairs. Similarly, this post isn’t about Jimmy Carter – it’s about macroeconomic theory. (Sorry.) For the late 1970s

December 3, 2008 11:11 am December 3, 2008 11:11 am A few more notes on the did-FDR-prolong-the-Depression front: 1. Gauti Eggertsson has an interesting paper arguing that NIRA policies, by reducing the expected rate of deflation, were actually expansionary. 2. There have been a lot of responses to my demonstration that the usual argument about the contractionary effects of wage increases doesn’t