Huizinga, Murphy, and Bob Lucas on the stimulus program

You'll find them here.  They are all excellent but I thought Kevin Murphy was the most to the point.  

Comments

Hmmm.. Huizinga says: infrastructure (stimulus) spending only prolongs the overemployment in construction and the Obama fiscal deficit by definition reduces national savings. Where was Huizinga during the market-led residential housing boom and the (double) deficits of the not so long ago Bush years? The diminishment of national savings, the overexpansion in construction, the accumulation of gov't debt: they have been part and parcel of the Republican policy for years. Where were the criticism and the 'Myron Scholes' debates then?

JSK, there is less demand for economic media during boom times than recessionary times. Since the scope of the problem wasn't clear at that point, most people weren't paying much attention to it. Much of the media focus seemed to be on the war.

Tyler, do you consider Murphy's framework to be adequate? What do you think are appropriate parameters for f, lambda, alpha and d?

if anyone wants see the powerpoint slides they were referencing, they are on the right panel on this link.

http://research.chicagogsb.edu/igm/

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