Question for Recalculationists, Round 3

Bryan Caplan

By Bryan Caplan, Dec 8 2009

Unless I’ve unfairly overlooked someone, it looks like no recalculationist answered
my original question – namely, “By what percentage do real GDP and
employment fall if nominal GDP unexpectedly declines by 5%?” Arnold comes the closest.

In this example, I would have to say that a standard monetarist-Keynesian synthesis gives the correct answer.

Yes, the standard monetarist-Keynesian synthesis might have a standard range of responses. However, I’m asking recalculationists to answer my question with the specific number they believe to be true. Who will indulge me?

Corrigan's Contradiction

Arnold Kling

Simon Johnson writes, E. Gerald Corrigan in his Dolan Lecture at Fairfield University. Corrigan, former President of the New York Fed and a senior executive at Goldman Sachs for more than a decade, makes three main points. 1. "Large Integrated Financial Groups" - at or around their current size - offer unique fu...

Dec 8 2009

Economics of Health Care

Questions for a Dissertation Defense

Bryan Caplan

Tomorrow morning, Robin Hanson is chairing a very interesting dissertation defense:One part finds that US firms that self-insure, thereby avoiding many health insurance regulations, spend 18-25% more per employee on medicine...The take-away:For those who think med is great, this seems a strong argument for reducing med...

Dec 8 2009

Macroeconomics

Question for Recalculationists, Round 3

Bryan Caplan

Unless I've unfairly overlooked someone, it looks like no recalculationist answered my original question - namely, "By what percentage do real GDP and employment fall if nominal GDP unexpectedly declines by 5%?" Arnold comes the closest.In this example, I would have to say that a standard monetarist-Keynesian syn...

Question for Recalculationists, Round 3

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Corrigan's Contradiction

Questions for a Dissertation Defense

Question for Recalculationists, Round 3