the cliff

dilbert dogbert comments over at DeLong:

"Re: "Last week, Fisher argued that a so-far unpublished (i.e. secret) paper by his staff showed that “declines in the unemployment rate below 6.1 percent exert significantly higher wage pressures than if the rate is above 6.1 percent.” 

First we had the 90% cliff and now we have the 6.1% cliff. OMG! Where are the grad students when we need them?"

Consensus, Dissensus and Economic Ideas: The Rise and Fallof Keynesianism During the Economic Crisis by Henry Farrell and John Quiggin

Crooked Timber post

(via Thoma)

Counter Cyclical Tradition versus the Treasury View

Economic Models and Economic Predictions by Krugman

DeLong on Glasner by Daniel Kuehn

DeLong writes

As I have said before, IMHO Cassel and Hawtrey see a lot but also miss a lot. The Bagehot-Minsky and the Wicksell-Kahn traditions have a lot to add as well. And Friedman was a very effective popularizer of most of what you can get from Cassel and Hawtrey.

But, as I have said before, those of us who learned this stuff from Blanchard, Dornbusch, Eichengreen, and Kindleberger--who made us read Bagehot, Minsky, Wicksell, Metzler, and company--have a huge intellectual advantage over others.