Macroeconomic foundations made of sand
March 14, 2015
Originally posted on LARS P. SYLL:
Olivier Blanchard, the IMF’s chief economist, recently wrote: “We in the field did think of the economy as roughly linear, constantly subject to different shocks, constantly fluctuating, but naturally returning to its steady state over time. Instead of talking about fluctuations, we increasingly used the term “business cycle.” Even…
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