tag:blogger.com,1999:blog-5713178645208582139.post4064197579087065833..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: Ten Questions I Wish Ben Bernanke Would Answer TodayDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5713178645208582139.post-802922378065238912011-06-09T11:37:41.044-05:002011-06-09T11:37:41.044-05:00David, I have seen those pictures. The problem is...David, I have seen those pictures. The problem is that the trend itself appears to trend upward in the 2000s at least partly owing to the influence of rapid boom-period spending. It is problematic, in other words, to rely on an ex-post construction based on a moving average of some kind. Imagine using a "simulated" Taylor rule spending series just for the post-2000 period and then George Selginnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-26495675628358517002011-06-08T14:45:51.624-05:002011-06-08T14:45:51.624-05:00Yes, I have thought some of them, particularly the...Yes, I have thought some of them, particularly the sixth.<br />very good (and melancolic) post.www.MiguelNavascues.comhttps://www.blogger.com/profile/00880006105532291958noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-30998126630484934022011-06-08T08:38:05.562-05:002011-06-08T08:38:05.562-05:00George:
I suspect you are right that the peak was...George:<br /><br />I suspect you are right that the peak was probably too high, but I think a reasonable case can be made that we are still below any reasonable trend value for nominal spending. See the figures in this <a href="http://macromarketmusings.blogspot.com/2011/01/having-my-cake-and-eating-it-too.html" rel="nofollow">post</a> where I demonstrate this view.<br /><br />With that said, I David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-42540773566877732042011-06-08T08:30:30.634-05:002011-06-08T08:30:30.634-05:00Anonymous:
That was hilarious! Thanks for the la...Anonymous:<br /><br />That was hilarious! Thanks for the laughs.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-51840519636474861982011-06-08T02:30:14.204-05:002011-06-08T02:30:14.204-05:00It seems to me that "peak" spending is v...It seems to me that "peak" spending is very likely excessive spending: the argument for NGDP targetting is after all an argument to the effect that both excessive and deficient spending are disruptive in their own ways. This, in a nutshell, is why I remain unconvinced by many of the arguments in favor of continued monetary ease. There's a case for getting back to a long-run growthGeorge Selginnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-91401990648713583242011-06-07T15:42:58.805-05:002011-06-07T15:42:58.805-05:001. No.
2. Weren't not.
3. Plosser will let us ...1. No.<br />2. Weren't not.<br />3. Plosser will let us do this once Sarah Palin is inaugurated, and our inherent bias comes to an end.<br />4. Ron Paul.<br />5. See 4.<br />6. Plosser and Ron Paul.<br />7. Ron Paul.<br />8. I'm a neoclassically-trained, Republican economist originally appointed by GW Bush, and there's a Democrat in the White House (albeit one who re-appointed me).<brAnonymousnoreply@blogger.com