There, you will encounter a wide range of spending cuts and tax increases. Mix and match to solve the problem. I guess I am a mild fiscal conservative, ending up with a share of 56% spending cuts to 44% tax increases in my preferred plan. Give it a try!
Showing posts with label NY Times. Show all posts
Showing posts with label NY Times. Show all posts
Saturday, 20 November 2010
Solving the US federal deficit problem
is easy and fun... at least over at the interactive NY Times website:
Tuesday, 6 October 2009
Noisy business cycles
If you read the Krugman piece in the NYTimes, and think that macro has becoming a field of warring tribes with nothing to say to each other... you may be more right than I would like, but it doesn't mean that there is no way to heal the breach. At the CREi seminar this Monday, Marios Angeletos gave a talk on Noisy Business Cycles (forthcoming in the NBER macro annual). The paper marries many elements of real business cycles (RBC) models with noise about the state of the aggregate economy. Because agents do not know how the economy is doing overall, even very small technology shocks can translate into large aggregate fluctuations. The result is an economy that has a strong RBC flavor, but behaves in a Neo-Keynesian way -- noise is going to look like demand shocks. I normally don't as much out of theory papers as I would like, but this one was so clearly presented that I wished we had had another 30 minutes to see some of the applications and extensions...
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