tag:blogger.com,1999:blog-5713178645208582139.post796365391773837111..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: Brad DeLong: the Propagation Mechanism is KeyDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5713178645208582139.post-79164364116470400642008-12-13T15:31:00.000-06:002008-12-13T15:31:00.000-06:00Hendrickson was interesting.And while it is certai...Hendrickson was interesting.<BR/>And while it is certainly very germane to analyze the narrative of the current financial crisis, I wonder if we are losing sight of a bigger picture here. Since I started studying economics in the late 70s we have seen the S&L and banking crisis of the 80s/early 90s, the bursting Japan bubble, the Asian financial crisis, the tech bubble and now this. So there Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-72686261534162098632008-12-09T07:43:00.000-06:002008-12-09T07:43:00.000-06:00The language of "Shock" and "propagation" mechanis...The language of "Shock" and "propagation" mechanism is of course a dead giveaway. DeLong is analyzing the issue through the prism of a Slutzky-Frisch econometric version of a neoclassical synthesis model. It is not at all clear that is a useful way to view events. I think Hyman Minsky and the post-Keynesians would say it is not. So deLong's "puzzle" has no grounding outside of a special case Anonymousnoreply@blogger.com