Nobel Laureate T. C. Koopmans wrote one of the most famous economics articles of the twentieth century, "Measurement Without Theory," a devastating review of an important, and in many ways useful and meritorious, study of business cycles by two of the fathers of empirical business-cycles research, Arthur F. Burns and Wesley C. Mitchell, Measuring Business…

Uneasy Money

19.04.2024

My New Paper on Hawtrey Is Available on SSRN | Uneasy Money

Last fall and early winter I posted a series of four blogposts (here, here, here, and here) about or related to Ralph Hawtrey as I was trying to gather my thoughts about an essay I wanted to write about Hawtrey as a largely forgotten pioneer of macroeconomics who has received the attention of two recent…

Uneasy Money

28.06.2024

My Article “Ralph Hawtrey: A Forgotten Pioneer of Macroeconomics” Has Been Published in Economic Affairs | Uneasy Money

The published version of the article is now available on the Economic Afairs website https://onlinelibrary.wiley.com/toc/14680270/2024/44/2. Here's the abstract: This article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. Unlike Milton Friedman's US-centred explanation of the Great Depression,…

Uneasy Money

22.07.2024

Thought and Details on the Fiscal Theory of the Price Level | Uneasy Money

The Fiscal Theory of the Price Level has been percolating among monetary theorists for over three decades: Eric Leeper being the first to offer a formalization of the idea, with Chris Sims and Michael Woodford soon contributed to its further development. But the underlying idea that the taxation power of the state is essential for…

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Economy

T. C. Koopmans Demolishes the Phillips Curve as a Guide to Policy | Uneasy Money

My New Paper on Hawtrey Is Available on SSRN | Uneasy Money

My Article “Ralph Hawtrey: A Forgotten Pioneer of Macroeconomics” Has Been Published in Economic Affairs | Uneasy Money

Thought and Details on the Fiscal Theory of the Price Level | Uneasy Money

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