Money and the business cycle

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Robert Lucas: Labor Reform and Crisis Recovery

Prescott shows a lot of contracting since the end of the tech bubble

Prescott on monetary booms

North Korea’s Counterfeiting Operation Funded Its Nuclear Program

Were you surprised that you were able to construct a model economy which generated fluctuations which closely resembled actual experience in the US?

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How does Prescott react to the criticism that there is a lack of available supporting evidence of strong intertemporal labour substitution effects?

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The new classical monetary-surprise style of models developed in the 1970sby Lucas, Sargent, Wallace and others were very influential. When did Prescott first begin to lose faith in that particular approach?

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Lucas: New Keynesian economics doesn’t seem to make contact with the questions that got us interested in macroeconomics in the first place.

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Your work on the US found that productivity shocks explain most of the cyclical fluctuations the economy has experienced. Does this finding have any bearing on the nature of public policy?

From https://www.elibrary.imf.org/view/journals/023/0031/006/article-A005-en.xml

What about the recession of 1980-81?

From https://www.minneapolisfed.org/article/1996/interview-with-edward-c-prescott

The view that technology shocks, those affecting production opportunities, are the major driving force behind business cycles, accounting for about 70 percent of these fluctuations.

From https://www.minneapolisfed.org/article/1996/interview-with-edward-c-prescott

Prescott (1996) on the power of central banks

From https://www.minneapolisfed.org/article/1996/interview-with-edward-c-prescott

Money Under Laissez-Faire George Selgin

The Fed’s Dismal Record | George A. Selgin

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