Tim Sablik of the Richmond Fed interviews “Ellen McGrattan: On measuring what businesses do, developing effective tax policy, and searching for answers beyond the lamppost” (Econ Focus: Federal Reserve Bank of Richmond, First/Second Quarter 2026). Here are a few of the comments that caught my eye: How did McGrattan become interested in business cycles? In…
Interview with Ellen McGrattan: Business Cycles and Intangible Capital
Interview with Ellen McGrattan: Business Cycles and Intangible Capital
17 Apr 2026 Leave a comment
in business cycles, Edward Prescott, entrepreneurship, financial economics, global financial crisis (GFC), great recession, history of economic thought, human capital, labour economics, macroeconomics, monetary economics, occupational choice, Robert E. Lucas
PRESCOTT on quality adjusted medical price indexes
17 Sep 2025 Leave a comment
in economic growth, economic history, Edward Prescott, health economics, macroeconomics
Interview with Greg Mankiw: New Keynesian Macro, Growth, and Economic Policy
04 Sep 2024 Leave a comment
in applied price theory, budget deficits, business cycles, development economics, econometerics, economic growth, economic history, Edward Prescott, fiscal policy, great depression, history of economic thought, labour economics, law and economics, macroeconomics, Milton Friedman, monetarism, monetary economics, politics - USA, Public Choice, Robert E. Lucas, unemployment
Jon Hartley interviews Greg Mankiw on topics including New Keynesian macroeconomics, growth, and economic policy more broadly at his Capitalism and Freedom website (August 20, 2024, video and transcript available). Here are a few of the comments that caught my eye. On big models and small models in studying the macroeconomy: [O]n the issue of…
Interview with Greg Mankiw: New Keynesian Macro, Growth, and Economic Policy
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
Utopia, you are standing in it! 
Recent Comments