Fiat Value in the theory of value – an ADEMU lecture by Edward C Prescott
12 Sep 2020 Leave a comment
in applied price theory, applied welfare economics, business cycles, econometerics, economic growth, economic history, economics of regulation, Edward Prescott, fiscal policy, fisheries economics, industrial organisation, labour economics, labour supply, macroeconomics, monetary economics Tags: real business cycles
3rd. Global Conference Business Cycles – Edward C Prescott
10 Sep 2020 Leave a comment
in applied price theory, applied welfare economics, budget deficits, business cycles, comparative institutional analysis, development economics, economic growth, economic history, economics of regulation, Edward Prescott, entrepreneurship, Euro crisis, financial economics, fiscal policy, global financial crisis (GFC), great depression, great recession, growth disasters, growth miracles, history of economic thought, industrial organisation, international economics, labour economics, labour supply, macroeconomics, monetarism, monetary economics, public economics, unemployment Tags: real business cycles
Tom Sargent Honorary Degree Lecture on the European monetary crisis
01 Sep 2020 Leave a comment
in budget deficits, business cycles, currency unions, economic growth, economic history, economics of bureaucracy, Edward Prescott, financial economics, fiscal policy, global financial crisis (GFC), great depression, great recession, income redistribution, inflation targeting, job search and matching, labour economics, labour supply, macroeconomics, Milton Friedman, monetarism, monetary economics, Public Choice, public economics, rentseeking, Robert E. Lucas, unemployment Tags: monetary policy
A history of macroeconomics| Thomas J. Sargent in China 2020
26 Aug 2020 Leave a comment
in Alfred Marshall, applied price theory, budget deficits, business cycles, econometerics, economic growth, economic history, economics of information, Edward Prescott, financial economics, fiscal policy, global financial crisis (GFC), great depression, great recession, macroeconomics, Marxist economics, Milton Friedman, monetarism, monetary economics, politics - USA, Public Choice, public economics, Robert E. Lucas Tags: Keynesian macroeconomics, New Keynesian macroeconomics
Edward Prescott on the Great Recession
31 May 2020 Leave a comment
in business cycles, Edward Prescott, financial economics, global financial crisis (GFC), great recession, macroeconomics, monetary economics Tags: real business cycle theory
Edward Prescott on the unimportance of monetary policy
29 Apr 2020 Leave a comment
in business cycles, economic history, Edward Prescott, financial economics, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, macroeconomics, monetary economics
See lecture at https://www.mediatheque.lindau-nobel.org/videos/37267/panel-conditions-monetary-fiscal-policy/laureate-prescott
Edward Prescott, co-recipient of the Nobel Prize in 2004, took a different view in a presentation with the title ‘The Unimportance of Monetary Policy and Financial Crises on Output and Unemployment’. He cited financial crises that saw countries experiencing contrasting outcomes at the same time: the US and Asia in the 2008 crisis; Chile and Mexico in 1980; and Scandinavia and Japan in 1992.
‘Financial crises do not impede development,’ he claimed. While the 2008 financial crisis was localised in North America and the euro area, there was a short recession and quick recovery in Japan, Taiwan and South Korea and no recession in Scandinavia and Australia. ‘Countries where fiscal policy was irresponsible had problems’, he maintained. ‘Fiscal responsibility is crucial: to spend is to tax and to tax is to depress. That’s what happens every time.’
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