From http://users.econ.umn.edu/~erm/business_intangibles.php
Productivity shocks, especially those affecting manufacturing firms, account for much of the decline in gross output during 2008-2009, not financial shocks
21 Aug 2022 Leave a comment
in business cycles, econometerics, economic growth, Edward Prescott, macroeconomics
Edward Prescott doesn’t hold back on macroeconomics and central banks
21 Apr 2022 Leave a comment
in business cycles, Edward Prescott, global financial crisis (GFC), great recession, history of economic thought, macroeconomics, monetary economics
Can the central bank cause a recession?
04 Mar 2022 Leave a comment
in business cycles, economic history, Edward Prescott, financial economics, history of economic thought, macroeconomics, monetary economics
We wanted to see what happens if you don’t have the usual financial factors in there—not one word about banks, the Federal Reserve, the collapse of Lehman Brothers, et cetera
22 Feb 2022 Leave a comment
in business cycles, Edward Prescott, global financial crisis (GFC), great recession, macroeconomics, monetary economics
For McGrattan and Prescott, two leading proponents of the use of quantitative, dynamic business cycle modeling to analyze macroeconomic trends, including intangible capital investment in total economic output is the key to making sense of head-scratching countercyclical movements in labor productivity over the past 25 years.
From https://www.minneapolisfed.org/article/2012/unmeasured-investment
Prescott shows a lot of contracting since the end of the tech bubble
27 Jan 2022 Leave a comment
in business cycles, economic growth, economic history, Edward Prescott, great recession, history of economic thought, macroeconomics, monetarism, monetary economics Tags: real business cycles
Prescott on monetary booms
27 Jan 2022 Leave a comment
in business cycles, economic growth, economic history, Edward Prescott, history of economic thought, macroeconomics, monetary economics
Were you surprised that you were able to construct a model economy which generated fluctuations which closely resembled actual experience in the US?
19 Jan 2022 Leave a comment
How does Prescott react to the criticism that there is a lack of available supporting evidence of strong intertemporal labour substitution effects?
18 Jan 2022 Leave a comment
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?
18 Jan 2022 Leave a comment
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?
17 Jan 2022 Leave a comment
in business cycles, economic history, economics of regulation, Edward Prescott, growth miracles, labour economics, labour supply, macroeconomics, monetary economics, public economics
What about the recession of 1980-81?
16 Jan 2022 Leave a comment
in business cycles, Edward Prescott, financial economics, macroeconomics, monetary economics
Utopia, you are standing in it! 
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