An intriguing new paper by John Cochrane picks up on a topic that Ricardo Reis and I worked on long ago: what models of the Phillips curve generate realistic dynamics. I have not yet processed all of what John has to say on the topic, but it seems like it might be a big step in the right direction.  

An intriguing new paper by John Cochrane picks up on a topic that Ricardo Reis and I worked on long ago: what models of the Phillips curve generate realistic dynamics. I have not yet processed all of what John has to say on the topic, but it seems like it might be a big step in the right direction.

 Greg Mankiw’s Blog