The Ramblings of an Amateur Economist

I've decided to replace this blog with a new one at  http://jwhandley.blogspot.com/ . My first post is " Monetarism and the Neo-Wi...

Proponents of tight monetary policy like to show variants of the following chart as evidence that the Federal reserve has kept interest ...

Yesterday the United Kingdom voted to leave the European Union, or should I say England and Wales voted to leave the EU; Scotland and North...

I was reading Scott Sumner's recent post about Neo-Fisherism and I had an epiphany about Market Monetarism. I have consistently take...

The idea that the zero lower bound is not actually a significant constraint on the ability of monetary policy to raise nominal GDP is integ...

Proponents of secular stagnation love to show the following graph as evidence that the US labor market has hardly recovered from the las...

" If my philosophy is wrong then my market monetarism is equally wrong." Yes.  See also this and this .

Following after this post from Menzie Chinn , I decided to try to estimate the output gap for the US and the Euro Area. This method has t...

The typical framework used by economists to make models renders generating monetary non-neutrality nigh impossible without the use of dubio...

Upon realizing that I could easily get the Cyclically Adjusted Primary Balance data from the IMF as well as Real GDP data from the OECD wit...

Annoying ly (starting a post with that word is strangely entertaining), Scott Sumner has once again claimed that the increase in Japanese i...

Today on Twitter, Nick Rowe deployed a couple of the tricks his commonly like to use when arguing against New Keynesians who think (rightly...

I always seem to be about a day late to the party, nevertheless I guess I'll present a little bit of a defense of the mainstream view b...

The most common way to 'model' expectations when making a DSGE model is to assume that agents' expectations are rational -- i.e...

How would you know if central banks were impotent at the zero lower bound? You would have them target some nominal variable and then se...

I wanted to delve a little bit deeper into Scott Sumner's claim that low interest rates are contractionary. Unfortunately, the model h...

When I saw these two graphs from Jason Smith, I was immediately a little wary: It seems that the slope of the Phillips curve in Japa...

Noah Smith and Jason Smith have been writing a series of blog posts focusing on three main ideas: Empiricism, paradigm shifts, and 'neg...

昨日の記事を日本語で書きました。たくさん過失ならごめんなさい。 スミス・ノアさんによると、日本は「理論は死ぬことを行く経済研究所」と言って、「逼迫した労働市場がインフレーションをさせていません。ニュー・ケインジアンの理論は日本のインフレーションの欠如の説明ができません。...

Noah Smith seems to think that Japan is " an economics lab where theories go to die ," notably asserting that "a tight labor...

My argument with Jason Smith about the philosophy of economics has become rather spread out and hard to follow, so I thought I would compil...

Jason Smith today in a blog post : New Keynesian economics = Ignore empirical data ... Information transfer economics = Use empirical...

After posting too many lengthy comments on Scott Sumner's blog a while back, I decided I was going to ignore his claims that high inter...

The Republican economic platform can basically by summed up by three defining characteristics: 1) increase military spending, 2) cut taxes,...