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Greg Mankiw

Greg Mankiw

I am the Robert M. Beren Professor of Economics at Harvard University, where I teach introductory economics (ec 10). I use this blog to keep in touch with my current and former students. Teachers and students at other schools, as well as others interested in economic issues, are welcome to use this resource.

Articles by Greg Mankiw

Economics Teaching Conferences

28 days ago

Readers of this blog might be interested in the annual conference of NETA, the National Economics Teaching Association, sponsored by Cengage, the publisher of my principles text. This year, the conference is October 22-23, virtual, and free. I will be speaking at 11 am on the 23rd. You can get information about the event by clicking here.Also, a week earlier, I will be speaking at EconEd, a virtual conference organized by Macmillan, the publisher of my intermediate macro book.

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Econofact Podcast

September 21, 2020

I was recently interviewed by Michael Klein for the Econofact podcast. You can listen to the podcast by clicking here.

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Call me 3380

September 17, 2020

Here is a website that uses some sort of computer algorithm to measure academic influence. Here is a ranking of most influential academics of all time. Aristotle, Darwin, Plato, Einstein, Marx, and Newton top the list. (I am number 3380.) Here is an article about recently influential economists.

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Teaching the Covid-19 Recession

August 27, 2020

This summer I have been working to prepare the manuscript for the 11th edition of my intermediate macroeconomics textbook, which will be available next year. Of course, the new edition will include a discussion of the current economic downturn and the policy response to it. To help those teaching undergraduate-level macroeconomics this year, I have posted a piece of the manuscript at this link. Feel free to distribute it to your students.

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The High Cost of PPP Jobs

August 6, 2020

Economists have begun to study the effects of the Paycheck Protection Program, on which Congress spent about half a trillion dollars. The results so far do not look good. Chetty et al. write:We therefore conclude that the PPP had little material
impact on employment at small businesses: we cannot rule out a small positive employment effect
of the program (of e.g., 3-4 pp on employment rates), but it is clear that the program did not
restore the vast majority of jobs that were lost following the COVID shock.The study by Autor et al. has a more positive tone. But notice this sentence, deep in the bowels of the paper:Our benchmark estimates
imply that each job supported by the PPP cost between $162K and $381K through May
2020, with our preferred employment estimate implying a cost of

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Modules for Introductory Econ

June 30, 2020

Here is some information for those teaching introductory economics using my favorite textbook:
I have written four
modules, or mini-chapters, with optional material that instructors can include
in their courses. For instructors using the digital version of the book, these
modules can be added for free with a few mouse clicks. As of now, there are modules on
The Economics of Healthcare, The European Union, The Keynesian Cross, and How
Economists Use Data. I expect to add more modules to the library available to
instructors in the years to come.
To get a sense of what these are like, here is a link to an old version of the healthcare module.
For more information about these modules and the book more generally, contact your Cengage rep or John Carey.

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The Declining Role of the CEA

June 27, 2020

According to this article, Tomas Philipson, the acting chair of the Council of Economic Advisers who just resigned, has tested positive for Covid-19. What caught my eye in the article was this sentence:
A White House official told the Journal that Trump and Philipson spent little time together, though the two were seen standing close to each other on June 5 at an event in the Rose Garden.
When I was CEA chair, I was in the West Wing every day and would see the president two or three times a week, typically in the Oval Office or the Roosevelt Room (the conference room adjacent to the Oval). It is not a good sign if the CEA chair spends little time with the president, especially in light of the fact that the nation is now experiencing the deepest economic downturn since the Great

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Rap for Econ 101

June 26, 2020

Some years ago, I plugged some rap songs designed to be used in classrooms for introductory economics. The creators alert me that these songs can now be found here. They also note that the songs on elasticity and regulation are their personal favorites.

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Maskin Lectures

June 8, 2020

My colleague Eric Maskin will be giving two lectures on voting theory on June 25.  Information here.

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What I’ve been watching

June 7, 2020

Over the past week, I have watched the six-part HBO miniseries The Plot Against America, which came out in March. It is based on the 2004 Philip Roth novel of the same title and tells an alternative history in which FDR is defeated in 1940 by the fascist-sympathizing Charles Lindbergh through the eyes of a Jewish family living in Newark, NJ. Compelling story, well acted. It is the best piece of television I have seen in years.

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Comparing Two Recessions

May 8, 2020

Job losses during the Great Recession of 2008-2009 were largely permanent job losses. Job losses during the Great Shutdown of 2020 are largely temporary layoffs. The future course of the economy will, of course, depend on the microbiology. But the economy seems well situated for a rapid recovery if testing, treatment, and vaccine development allows it. (Click on image to enlarge.)An important caveat: The labor force participation rate has experienced a large drop. Perhaps there are many permanent job losers who are classified as
not in the labor force because they cannot search during the pandemic.

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COVID-19 & the Economy: A Q&A Session

May 5, 2020

Last week, I gave a webinar on COVID-19 & the Economy. If you missed it, you can get a copy by clicking here.,

Also, my publisher is creating a teaching resource for instructors, Covid-19 and the Economy Webinar: Student Guidance Questions (with Instructor notes). If you would like to receive a copy when it is available, please contact Alexis Cortez at Cengage.

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AEA Podcast

April 29, 2020

Here is a podcast interview I did recently for the AEA based on my recent JEL article.

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