Must-Reads Up to the Wee Hours of December 3, 2015
- Stephen S. Roach: China’s Macro Disconnect: “Speedy implementation of the shift from production to consumption will be vital if the country is to remain on course and avoid the middle-income trap…” :: I really wish that I thought I understood China. Strike that: I really wish that I actually understood China.
- Gauti Eggertson and Michael Woodford (2003): The Zero Bound on Interest Rates and Optimal Monetary Policy: “any failure of… credib[ility] will not be due to skepticism about whether the central bank is able to follow through on its commitment…” :: [Are] those who think (1) that Bernanke shot himself in the foot… correct[?]
- Jan Mohlmann and Wim Suyker: Blanchard and Leigh’s Fiscal Multipliers Revisited: “[We] do not find convincing evidence for stronger-than-expected fiscal multipliers… during the sovereign debt crisis (2012-2013) or during the tepid recovery thereafter…” :: Seizing the high ground of the null hypothesis for oneself, and then running tests with no power, is undignified…
