Tweet… is from page 129 of my late, great teacher Fritz Machlup’s May 1960 Review of Economics and Statistics paper, “Another View of Cost-Push and Demand-Pull Inflation“: It is clear that an inflation of effective demand is a necessary condition not only for a demand-pull inflation of consumer prices but also for a cost-push inflation.…
Quotation of the Day…
Quotation of the Day…
23 Oct 2026 Leave a comment
in business cycles, history of economic thought, macroeconomics, monetarism, monetary economics
On the microeconomic foundations of macro stabilisation: The Hall-Woodford prize in historical perspective
13 Oct 2026 Leave a comment
in business cycles, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics
“This year’s prize is about stabilization” was the sentence with which Ellen Moons, Secretary General of the Royal Swedish Academy of Sciences, introduced the not-true-Nobel-but-Nobel-still prize for economics this morning (a physicist, she is the first woman to hold the position since the Academy’s creation in 1739). It went to Stanford’s Bob Hall and Columbia’s […]
On the microeconomic foundations of macro stabilisation: The Hall-Woodford prize in historical perspective
Michael Woodford, Nobel Laureate
13 Oct 2026 Leave a comment
in labour economics, macroeconomics, history of economic thought, monetarism, business cycles, unemployment, monetary economics
I think of Michael Woodford as the kind of economist who studies something very specific very intensively and tries to get it just right. But in his case he is not studying something small and irrelevant, he is studying “monetary policy.” I think of him as the economist who put monetary policy and “monetarism” —…
Michael Woodford, Nobel Laureate
The Nobel Prize Goes to Robert Hall and Michael Woodford
13 Oct 2026 Leave a comment
in business cycles, history of economic thought, labour economics, macroeconomics, monetarism, monetary economics, unemployment
Twenty-five years ago Tyler told me he thought Robert Hall should win the Nobel. He has been a contender for so long today’s award was a surprise! Hall has an unusual number of unexpectedly creative papers. His best known is on consumption. Start with the textbook Keynesian model: Y = C + I + G…
The Nobel Prize Goes to Robert Hall and Michael Woodford
Robert E. Hall, Nobel Laureate
13 Oct 2026 1 Comment
in business cycles, economic growth, fiscal policy, history of economic thought, labour economics, macroeconomics, monetarism, monetary economics, unemployment
Alex has already covered this, I will add a few remarks. First, every Bob Hall paper is interesting! Only a handful of economists can say the same. Every paper has an idea, and some sort of novel contribution. His lesser-known papers can be as thought-provoking as the more famous ones. Here is Bob on scholar.google.com. …
Robert E. Hall, Nobel Laureate
Sargent on moderate inflations
11 Oct 2026 Leave a comment
in labour economics, macroeconomics, history of economic thought, monetarism, inflation targeting, economic history, fiscal policy, budget deficits, business cycles, unemployment, monetary economics Tags: monetary policy
Sargent on hyperinflation
07 Oct 2026 Leave a comment
in budget deficits, business cycles, economic history, fiscal policy, history of economic thought, macroeconomics, monetarism, monetary economics Tags: hyperinflation, monetary policy
Sargent on moderate inflations
04 Oct 2026 Leave a comment
in budget deficits, business cycles, economic history, fiscal policy, history of economic thought, labour economics, labour supply, macroeconomics, monetarism, monetary economics, unemployment Tags: monetary policy
Sargent on hyperinflation
02 Oct 2026 Leave a comment
in budget deficits, business cycles, economic history, fiscal policy, history of economic thought, labour economics, labour supply, macroeconomics, monetarism, monetary economics, unemployment Tags: hyperinflation, monetary policy
Friedman on fiscal policy
30 Sep 2026 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics
Scott Freeman on the money multiplier
25 Sep 2026 Leave a comment
in applied price theory, business cycles, econometerics, economic history, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics Tags: monetary policy
Scott Freeman’s textbook on the GFC
22 Sep 2026 Leave a comment
in applied price theory, budget deficits, business cycles, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, labour economics, macroeconomics, monetarism, monetary economics, unemployment Tags: monetary policy
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