Wednesday, December 30, 2015

Respectable Radicalism - The New York Times

Respectable Radicalism - The New York Times:

 "Brad DeLong, riffing off Larry Summers, asks about what is driving the Fed – and argues that Larry has it wrong, that the Fed’s problem is not an “excessive commitment to existing models.” On the contrary, the Fed seems to hold beliefs that are very much at odds with Macroeconomics 101, whose basic Hicksian models do not at all support the Fed’s eagerness to hike rates."

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