Monthly Archives: December 2009

Is Investment Depressed by an “Anti-Business” Climate?

The National Journal asks for reactions to a recent blog post by Greg Mankiw regarding the reasons why US investment has fallen sharply. I agree with Greg that the dominant empirical fact about investment is its procyclical volatility (the main … Continue reading

Posted in Budget, Conservatives and Liberals, Gas Prices, International Trade, Investing, Obama Administration, Recession | Tagged , , , , , , | Leave a comment

I Hope We All Agree Now: Central Bankers Should Pay Attention to Asset Prices

“Should Central Banks Target Asset Prices?” That is the question addressed by the current symposium in The International Economy (2009, no.4). My answer: Alan Greenspan was right to raise the question “How do we know when ‘irrational exuberance’ has unduly … Continue reading

Posted in Financial Crisis, Investing, Recession | Tagged , , , | Leave a comment

Border Measures Could Make Climate Policy Better or, More Likely, Worse

“At Climate Talks, Danger to Free Trade Mounts,” reports the international press. The Copenhagen negotiations have essentially failed to include among the many topics covered the question of import tariffs or other trade penalties that individual countries apply against the … Continue reading

Posted in Analysis, Uncategorized | Leave a comment

Progress on Global Warming Is Not Yet in Evidence in Copenhagen

I am writing from Copenhagen, the site of the 15th Conference of Parties to the UN Framework Convention on Climate Change. If one were to judge by outward appearances, the prospects look dim for a meaningful global agreement by the … Continue reading

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Ten Ways to Move the Budget Back Toward a Sustainable Path

The National Journal asks “President Obama and his team said recently that the fiscal 2011 budget will represent a credible effort to reduce budget deficits and put the federal government on a path toward ‘sustainable’ deficits… How would you alter … Continue reading

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