Author Archives: tzotos

Friedman & Phelps: Natural Rate Hypothesis

One important theory that Friedman proposed during his lifetime was the Natural Rate Hypothesis (NRH) or the Non-Accelerating Inflation Rate of Unemployment (NAIRU). Next class, Brittany, Daley, and I will briefly explain this concept to you all but if you would like to learn about it beforehand I included an online article at the bottom that […] Continue reading

Posted in Student Blogs | Tagged | Leave a comment

Milton Friedman Monetarism: Video & Reads

“Underlying most arguments against the free market is a lack of belief in freedom itself.” -Milton Friedman  Before our class this Wednesday I figured I would post a few short articles that you can read to better understand monetarism and Milton Friedman’s theories. The readings are not entirely comprehensive but they will provide some context […] Continue reading

Posted in Student Blogs | Tagged | Leave a comment

The Banker’s New Clothes: Banking Influence on Macroeconomics

Upon reading Simon Wren-Lewis’s blog post this past week I stumbled across several websites, articles,  and videos pertaining to economic faults as a results of risky banking practices. I was initially directed to this website http://bankersnewclothes.com/ which then lead me to to other sources. I found a lot of the information to be interesting so I […] Continue reading

Posted in Student Blogs | Tagged | Leave a comment

The Bankers’ New Clothes: Banking Influence on Macroeconomics

Upon reading Simon Wren-Lewis’s blog post this past week I stumbled across several websites, articles,  and videos pertaining to economic faults as a results of risky banking practices. I was initially directed to this website http://bankersnewclothes.com/ which then lead me to to other sources. I found a lot of the information to be interesting so I […] Continue reading

Posted in Macroeconomics, Student Blogs | Tagged | Leave a comment

RE: Attacking economics is a diversionary tactic

Simon Wren-Lewis is a professor of Economic Policy at the Blavatnik School of Government, Oxford University. Below is a brief summary and what I thought about his recent blog post: Attacking economics is a diversionary tactic. Simon Wren-Lewis’s preliminary thoughts explain that the financial crisis in the UK was a result of the loss of […] Continue reading

Posted in Macroeconomics, Student Blogs, studentblogs | Tagged | Leave a comment

Roger Farmer: DSGE Models & Easing Crises

Roger Farmer in chapter 8 of Prosperity For All expands of the New Keynesian DSGE models that central bankers and firms relied on for the past couple decades. He explains that their reliance on their DSGE models “gave policymakers a false sense of security” (Farmer, 111). He explains that New Keynesian DSGE models are self-stabilizing […] Continue reading

Posted in Student Blogs | Tagged | Leave a comment

What is your model of the macro economy? What is the model in your head?

My model for the macro economy is to comprehensively include all of the ins and outs of an economy that can be manipulated in order to predict outcomes of various macroeconomic situations. Variables in this model include GDP growth rate, technological advances, market failures, trade surplus and deficits, investments, inflation, predictions, etc. The model will […] Continue reading

Posted in Student Blogs, studentblogs | Tagged | Leave a comment