Yee hawg, blawgers. It's time for your weekly-or-possbly-biweekly-(I'm-not-sure-if-"biweekly"-means-once-every-two-weeks-or-twice-a-week-and-I'm-too-lazy-to-look-it-up) roundup of links from around the magical world of the econ blawgosphere!
Me on BV
1. In which I attempt to explain New Keynesian models to BV readers
2. I broke the telepathy story before anyone else, but no one noticed...
3. The "Great Vacation" still has trouble explaining stagnant real wages
4. Olivier Blanchard thinks policymakers pay attention to DSGE models. Ha.
5. Our military spending doesn't outweigh everyone else's as much as people think
6. Perhaps we should consider a strategic partnership with Iran
7. Anti-scientism is bad bad news
From Around the Econ Blogosphere
1. Dan Wang (a welcome new voice in the blogosphere) explains why Peter Thiel believes in technological stagnation. Fortunately, unlike Thiel's earlier National Review article, the case does not rest on the idea that the U.S. government is massively understating the rate of inflation.
2. John Cochrane is going to take people who use sloppy vocabulary when talking about bank capital over his knee and give them a hiding! Go cut Pappy Cochrane a switch!
3. On many measures, Obama outperforms Reagan. Shhhh!!!
4. Steve Williamson, Mage of St. Louis, casts a spell of shadow over the Phillips Curve, money supply targeting, wage-price spirals, and the entire notion that low interest rates cause inflation. If you're sure you know how inflation works, read Williamson and tell me if you're still so sure.
5. David Andolfatto shows that deflation ain't so bad as long as you see it coming, thus refuting an argument that very few people make. Tell that to the HINDENBURG, Andolfatto. In other news, I've decided that David should be a Count, because "Count Andolfatto" just sounds right, doesn't it?
6. Roger Farmer has invented an easier way of estimating DSGE models with multiple equilibria. There's a math error on page 22. Can you spot it?
8. Noah Smith Smackdown Watch: Brad DeLong trolls Yours Truly. But only a little bit.
9. Everyone knows that Minsky saw the 2008 crisis coming, right? Everyone knows that if you just read Minsky, you'd know how financial crises work, and why they happen, right? Well maybe everyone is WRONG. BAM.
10. Kazuma Shuhleezy says that "data scientists" are really just statisticians with a sexier name. He is correct.
11. Narayana Kocherlakota: The 70s are over, people. Does that mean the Franco-Prussian War is over? Oh wait, wrong 70s. Anyway, yes. Everyone who's stuck in the 70s should read Kocherlakota and take his words to heart, but of course won't.
12. Chuckle darkly at the excuses of the manager of a failed hedge fund. Then realize that he's a bazillion times richer than you will ever be, and weep gently onto your keyboard, in the process causing you to accidentally "good" a really lame post on EJMR.
13. Should we use TFP as a measure of welfare? Not if it's mismeasured, say I. There's evidence that labor utilization actually leaks into our TFP measures, so this idea might not be as snazzy as it sounds. Interesting idea, though.
14. Chris House makes a good point, which is that
15. Brad DeLong tells the epic tale of the evolution of the yield curve over the last decade. Or at least, an epic tale that may or may not have anything to do with the evolution of the yield curve over the last decade.
16. Robert Murphy lets loose on Gene Fama's Nobel acceptance speech. Moral of the story: Always account for opportunity costs. (Other moral of the story, which Murphy fails to mention: Inflation, too.)
17. These days it takes longer and longer to pay for a college degree, right? Wrong.