Book Presentation with John Cochrane: “The Fiscal Theory of the Price Le…
09 Nov 2023 Leave a comment
in budget deficits, business cycles, econometerics, economic growth, economic history, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, Milton Friedman, monetarism, monetary economics, public economics Tags: monetary policy
Ralph Hawtrey, Part 1: An Overview of his Career
06 Nov 2023 Leave a comment
in business cycles, economic history, fiscal policy, great depression, history of economic thought, labour economics, macroeconomics, monetary economics, unemployment
One of my goals when launching this blog in 2011 was to revive interest in the important, but unfortunately neglected and largely forgotten, contributions to monetary and macroeconomic theory of Ralph Hawtrey. Two important books published within the last year have focused attention on Ralph Hawtrey: The Federal Reserve: A New History by Robert Hetzel, […]
Ralph Hawtrey, Part 1: An Overview of his Career
More Evidence for Trump’s Corporate Tax Reform, Part I
03 Nov 2023 Leave a comment
in applied price theory, econometerics, economic growth, entrepreneurship, fiscal policy, macroeconomics, public economics Tags: taxation and investment
I’m very critical of bad policies we got during the Trump years, most notably profligacy and protectionism. But I shower praise on the good policies, such as the 2017 tax legislation (especially the lower corporate tax rate and the curtailing of the state and local tax deduction). Today, we’re going to focus on the positive. […]
More Evidence for Trump’s Corporate Tax Reform, Part I
Finding external balance
26 Oct 2023 Leave a comment
in business cycles, economic growth, fiscal policy, international economics, macroeconomics, monetary economics
That was the title of a ten page piece published last week by the ANZ economics team (chief economist Sharon Zollner and one of her offsiders, who appears to be a temporary secondee from the Reserve Bank). You can find a link to the paper here. The gist is captured in the paper’s summary I […]
Finding external balance
Ireland’s Corporate Tax and the Laffer Curve
19 Oct 2023 Leave a comment
in economic growth, economic history, fiscal policy, macroeconomics, Public Choice, public economics Tags: taxation and investment
About 15 years ago, I narrated a three-part series on the Laffer Curve. Here’s Part II, which looks at real-world evidence. About halfway through the video (3:15-3:55), I discuss what happened when Ireland dramatically lowered its corporate tax rate. The net result was an increase in tax revenue. But not just by a small amount. […]
Ireland’s Corporate Tax and the Laffer Curve
Heterogeneous Agent Fiscal Theory
14 Oct 2023 Leave a comment
in budget deficits, business cycles, fiscal policy, macroeconomics, monetary economics
Today, I’ll add an entry to my occasional reviews of interesting academic papers. The paper: “Price Level and Inflation Dynamics in Heterogeneous Agent Economies,” by Greg Kaplan, Georgios Nikolakoudis and Gianluca Violante. One of the many reasons I am excited about this paper is that it unites fiscal theory of the price level with heterogeneous agent…
Heterogeneous Agent Fiscal Theory
‘Do enlarged government deficits cause inflation?’ By Michael Bordo.
09 Oct 2023 Leave a comment
in economic history, fiscal policy, macroeconomics, monetarism, monetary economics
Inflation, Deflation and Debt
03 Oct 2023 Leave a comment
in budget deficits, economic history, financial economics, fiscal policy, history of economic thought, macroeconomics, monetary economics
Does Government Debt Matter Anymore? | Perspectives On Policy
02 Oct 2023 Leave a comment
in budget deficits, economic growth, economic history, fiscal policy, health economics, labour economics, labour supply, macroeconomics
Fiscal Theory of the Price Level – Lecture by John H. Cochrane
30 Sep 2023 Leave a comment
in budget deficits, economic history, fiscal policy, history of economic thought, macroeconomics, monetary economics
unpleasant arithmetic hyperinflation
29 Sep 2023 Leave a comment
in budget deficits, economic history, financial economics, fiscal policy, macroeconomics, monetarism, monetary economics
John Cochrane — Is It Getting Hot in Here?
28 Sep 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, labour economics, macroeconomics, monetary economics, unemployment
Thomas Sargent Delivers the 2022 Simpson Lecture
11 Aug 2023 Leave a comment
in budget deficits, economic history, fiscal policy, history of economic thought, macroeconomics, monetary economics, public economics
WHAT DEMOCRATIC SOCIALISM DOES TO ECONOMIC PROSPERITY
24 Dec 2022 Leave a comment
in comparative institutional analysis, economic growth, economic history, economics of education, entrepreneurship, fiscal policy, growth disasters, history of economic thought, income redistribution, industrial organisation, labour economics, liberalism, macroeconomics, Marxist economics, politics - USA, Public Choice, public economics Tags: Sweden
Utopia, you are standing in it! 
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