GM
-----Original Message-----
From: Gary Mongiovi
Sent: Mon 10/11/2004 11:24 AM
Cc:
Subject: RE: lbo-talk Digest, Vol 10, Issue 110
Another useful dissection of the main policy consequences of K&P's work (the emphasis on the "credibility" of central banks in their commitment to hold inflation down regardless of the collateral damage elsewhere in the economy) can be found in:
James Forder: The Theory of Credibility and the Reputation-Bias of Policy, Review of Political Economy (Vol. 13, no. 1: January 2001), pp. 5-25.
I met Ed Prescott about 12 years ago in Siena, Italy, at a summer school for graduate students. He was friendly enough, but I thought he was a little arrogant. Somehow I ended with him and a bunch of other students having espresso & gelato in the Piazza in Siena's town center. I'd expressed some, um, skepticism toward his general outlook. The main thing I remember from our conversation was him saying he thought I'd make a pretty good economist if I wasn't doing my PhD at the New School.
So it's always a pleasure promote research that gives Prescott's work the drubbing it deserves.
Regards,
Gary
-----Original Message-----
Date: Mon, 11 Oct 2004 07:56:49 -0700
From: "Eubulides" <paraconsistent at comcast.net>
Subject: Re: [lbo-talk] Kydland & Prescott win econ "Nobel"
To: <lbo-talk at lbo-talk.org>
Message-ID: <015101c4afa2$89793000$6501a8c0 at computer>
Content-Type: text/plain; charset="iso-8859-1"
[I haven't studied it in detail, but what I've read of real bizcycle
theory sounds like a lot of right-wing mystification.]
Norwegian, American Win Nobel Economics Prize
By Jan Strupczewski and Stephen Brown
STOCKHOLM (Reuters) - Finn Kydland of Norway and Edward Prescott of
the United States won the Nobel economics prize Monday for research
that laid the groundwork for more independent central banks and
explained business cycles.
==================
An utterly withering attack was done on K & P and Robert Solow by former
Federal Reserve economist Kevin Hoover in:
Technology Shocks or Coloured Noise? Why real-business-cycle models cannot
explain actual business cycles Kevin D. Hoover & Kevin D. Salyer 299
Review of Political Economy
Volume 10 Number 3 July 1998
The folks at the Bank of Sweden must not get out much..........
Ian
_______________________________________________
lbo-talk mailing list
http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
End of lbo-talk Digest, Vol 10, Issue 110
*****************************************