In a recent interview Robert Lucas says he now believes that “the evidence on postwar recessions … overwhelmingly supports the dominant importance of real shocks.”
So, according to Lucas, changes in tastes and technologies should be able to explain the main fluctuations in e.g. unemployment that we have seen during the last six or seven decades.Lars P. Syll's blog
Macroeconomic quackery
Lars P. Syll | Professor of Economics, Malmo University
Has the benefit of being no less likely than workers deciding to take a vacation in 2008-2009 rather than working, right?
ReplyDeleteThat clown is always good for a laugh. I don't know how people can't see his red rubber nose, the gigantic shoes and the tiny bike he rides to the interviews.
ReplyDeleteThe evidence on most deaths in the Sahara overwhelmingly supports the dominant importance of .... drowning!
Tom -- There's no link. Thanks.
ReplyDeleteThanks, John. Got it.
ReplyDelete