Brad De Long linkfest.

Oggi festeggiamo Brad De Long con una serie di link ai suoi post:

• sulla politica fiscale. Qui la discussione si centra sul problema dei deficit e la necessità di stimoli: Marginal costs of further stimulative macro policy in the G-5 economies are very low in every model anybody has written down or spoken out to me. Marginal benefits are uncertain but might well be quite high.
• sui costi dell'austerità fiscale:  non uccidete la ripresa, please, i mercati non lo chiedono (almeno negli USA): I would add that we really should be taking steps now to significantly improve the long-term deficit picture: standby tax increases and spending caps and entenched via procedures in such a way that it would be very, very difficult to undo them. This congress could pass a VAT to be implemented in five years if the budget deficit then still exceeds some trigger value. That would do much more to actually improve the long-term budget position and in all likelihood do more to give markets confidence than pointless exercises in unemployment-creating austerity today.
• le differenze di un approccio micro e macro all'uscita dalla crisi: In our normal, microeconomic world it is not a big deal when excess demand emerges in one market and excess supply emerges in another--it is, in fact, a good thing, because it induces shifts in production that make the structure of what is made correspond more closely to what people want (or perhaps to what the people with money want).(...) But in macroeconomics things are different. The excess supply is economy-wide--throughout all commodity markets, producing supply in excess of demand for goods, services, labor, and capacity. Producers and entrepreneurs respond to an aggregate demand shortfall just as individual producers respond to a particular shortfall of demand for their products: they hold sales to liquidate inventories, they cut prices, they cut wages to try to preserve margins, they fire workers. In the macroeconomic case, the dynamic process that leads to the elimination of excess supply and its counterbalancing excess demand in the microeconomic case gets underway--or, rather, half of it gets underway.
• sette approcci diversi della teoria economica alle depressioni!
• Mr Keynes and the classics, ovvero come unificare i punti di vista monetaristi di Irving Fisher, le analisi dei mercati finanziari di Knut Wicksell, e le analisi dei moltiplicatori di Richard Kahn.