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The author Bradford DeLong
Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

Brad Delong, Berkeley

Brad DeLong's Grasping Reality 2019-07-17 21:45:52

A sensible model conveying useful and understandable information about the state of American productivity growth. Why we have speedups and slowdowns, and why it seems to be a matter of regimes rather than a randomly walking parameter, remain mysteries on which this approach sheds no light But other else has shed light here either: James A. Kahn and Robert W. Rich: Trend Productivity Growth: "Through 2019Q1... with probability 0.93 productivity remains in a low-growth (1.33% annual rate)...

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Brad DeLong's Grasping Reality 2019-07-17 21:31:26

Jérémie Cohen-Setton, Egor Gornostay, and Colombe Ladreit de Lacharrière: Aggregate Effects of Budget Stimulus: Evidence from the Large Fiscal Expansions Database: "This paper estimates the effects of fiscal stimulus on economic activity using a novel database on large fiscal expansions for 17 OECD countries for the period 1960–2006. The database is constructed by combining the statistical approach to identifying large shifts in fiscal policy with narrative evidence from contemporaneous...

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Brad DeLong's Grasping Reality 2019-07-17 20:10:29

Geoffrey Parker: Emperor: A New Life of Charles V: "In 1504, Charles’s father paid £15 to a bookbinder for ‘making wooden covers for five large books, and for repairing and re-gilding several other works’; and £36 to ‘Jeronymus van Aeken, called Bosch’ for ‘a very large painting measuring nine feet high and eleven feet wide which will show the Last Judgement, that is to say Heaven and Hell, which My Lord has ordered him to paint’. The following year, Philip paid £23 to ‘a man who played a...

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Brad DeLong's Grasping Reality 2019-07-17 20:07:03

Why have the more polite modern-day neo-Nazis picked transgender people as those seek to demonize—as tree equivalent of what the Jews were for the original Nazis?: Zack Beauchamp: Trump and the Dead End Of Conservative Nationalism: "Their vision of social conservatism... is not focused on classic issues like abortion and same-sex marriage—two issues little mentioned at the conference (although there were multiple cruel attacks on trans people in major speeches)... [but on] bucking...

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Brad DeLong's Grasping Reality 2019-07-17 18:38:19

Jamie Powell: The best of Morgan Stanley's Adam Jonas: "Morgan Stanley's Adam Jonas is a renowned Tesla bull... until yesterday.... [He] proceeded to lay into the future prospects of Elon Musk's company, holding nothing back.... To pick one, of many possible, quotes from the call is hard. But this is a standout: '[Tesla's]... seen more as a distressed credit story and a restructuring story. So from a growth story to a distressed credit and restructuring story [in a quarter]. At the heart...

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Brad DeLong's Grasping Reality 2019-07-17 14:03:59

You gotta wonder about any definition of "cognitive elite" that proposes to include Stephen Pinker: When Alan Dershowitz comes up to you and says, "I'm defending a rich pedophile. Hey me for free!" why would anyone not-insane ever say yes? "Even pedophiles deserve to be represented in court" is a thing—but only for lawyers. "I joined the pedophile defense team because the money was good" is a thing. It's not something to be proud of, but at least the money can partially assuage the...

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Brad DeLong's Grasping Reality 2019-07-17 13:34:10

Desmond Lachlan: Trump's bizarre Federal Reserve nomination | TheHill: "Among President Trump’s more bizarre nominations for office has to be his nomination of Judy Shelton to fill one of the Federal Reserve Board governor vacancies.... Shelton manages to hold two contradictory views of monetary policy at the same time... strident advocacy of the return to the gold standard is totally inconsistent with the Trump administration’s economic policy approach.... Normally a person would be in...

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Brad DeLong's Grasping Reality 2019-07-16 14:45:43

Olivier Blanchard and Jeromin Zettelmeyer believe that Italy right now is one of those rare cases in which fiscal expansion is likely to be contractionary: Olivier Blanchard and Jeromin Zettelmeyer: The Italian Budget: A Case of Contractionary Fiscal Expansion?: "Putting fiscal multiplier effects and contractionary interest rate effects together—and being generous about the size of the multiplier and conservative about the effect of the interest rate increase—arithmetic suggests that the...

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Brad DeLong's Grasping Reality 2019-07-16 14:41:45

Economist: Britain’s Brexit Debate Regresses to 2016: The Tory Time Warp: "Jeremy Hunt and Boris Johnson make much of their Trump-like dealmaking ability.... Red lines of leaving the single market, customs union and European Court of Justice... threatening to walk away with no deal is the best way to extract further concessions from Brussels... adamant that they can get Brexit done by October 31st.... The list of implausible Tory claims is long, including old assertions that Britain holds...

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Brad DeLong's Grasping Reality 2019-07-16 14:19:02

Kim England and Kate Boyer: Women's Work: The Feminization and Shifting Meanings of Clerical Work: "Up to about the 1940s clerical work illustrated a story of women's expansion into the wage-labor market, and the coding of office work as a good respectable job for (certain kinds of) women: notably young, white, educated women prior to marriage. By the middle third of the twentieth century clerical work became an increasingly important source of income for married women. By this time...

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