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Eco 348, The Great Recession: Readings (preliminary and incomplete) Feb.

3: Overview Eichengreeen and O’Rourke, “A Tale of Two Depressions” http://www.voxeu.org/article/taletwo-depressions-what-do-new-data-tell-us-february-2010-update DeLong, “The Great Depression from the perspective of today” http://delong.typepad.com/sdj/2013/10/the-great-depression-from-the-perspective-of-today-andtoday-from-the-perspective-of-the-great-depression.html Nick Crafts, “If only it were the 1930s”, http://www.voxeu.org/article/eurozone-if-only-it-were1930s NIESR: http://niesr.ac.uk/sites/default/files/gdp1213press.pdf Feb. 5: Basic short-run macro Hicks, “Mr.Keynes and the classics” Krugman, “IS-LMentary”: http://krugman.blogs.nytimes.com/2011/10/09/is-lmentary/ David Romer, “Short-run fluctuations” http://elsa.berkeley.edu/~dromer/papers/ISMP%20Text%20Graphs%202013.pdf Feb. 10: The Great Moderation Bernanke, “The great moderation”: http://www.federalreserve.gov/Boarddocs/Speeches/2004/20040220/ Blanchard and Simon, “The decline in U.S. output variability”: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=277356 Feb. 12: Bubbles Shiller, “From efficient markets theory to behavioral finance” Greenspan 2004 http://www.federalreserve.gov/BoardDocs/Speeches/2004/20041019/default.htm Minsky moment: http://media.pimco.com/Documents/GCB%20Focus%20May%2009.pdf FCIC report, http://fcic.law.stanford.edu/report, part III Feb. 17: Crisis models Diamond-Dybvig: http://www.richmondfed.org/publications/research/economic_quarterly/2007/spring/pdf/diamond.pdf Gorton, “Slapped in the face”, http://www.frbatlanta.org/news/conferen/09fmc/gorton.pdf Bernanke, “The crisis as a classic financial panic”, http://www.federalreserve.gov/newsevents/speech/bernanke20131108a.htm Feb. 19: The panic FCIC report: http://fcic.law.stanford.edu/report, part IV Feb. 24: Bailout

167 Eichengreen et al.nytimes.edu/john.3. 26: The euro crisis O’Rourke and Taylor.org/article/mother-allsudden-stops Mar.html Cochrane: http://faculty.html?ref=paulkrugman Alesina and Ardagna: http://www.org/external/pubs/ft/weo/2010/02/pdf/c3.imf.dimensional. http://pubs.imf. http://www.cfr. 3: War among the economists Krugman on economists: http://www.gov/fdsys/pkg/CHRG-112shrg64832/pdf/CHRG-112shrg64832.cochrane/research/Papers/fiscal2. 31: Austerity debates I: Short-run effects Krugman. 12: Midterm Mar. “Myths of austerity”: http://www.com/2010/07/02/opinion/02krugman.cbo. Liquidity preference: http://krugman.recovery.imf. 5: The end of the panic Economic Report of the President.com/2009/05/02/liquiditypreference-loanable-funds-and-niall-ferguson-wonkish/ Krugman.org/papers/w15438 IMF I: http://www.org/external/pubs/ft/weo/2009/01/ IMF.html?pagewanted=all&_r=0 Fama: http://www.org/doi/pdfplus/10.com/2009/09/06/magazine/06Economict. “The mother of all sudden stops”: http://www.pdf IMF II: http://www.pdf CBO on ARRA: http://www.aeaweb.gov/Pages/default.aspx?sk=40200.pdf Mar.eu/economy_finance/publications/publication12682_en.nytimes.europa.voxeu.htm Lucas: http://www.blogs.1257/jep. 24: The euro Euro@10: http://ec.whitehouse.chicagobooth.org/external/pubs/ft/weo/2010/01/ Mar.TARP: http://www. http://www. 10: Global spread and stabilization IMF World Economic Outlook.gov/publication/43945 Where the money went: http://www. 2010: http://www.imf.pdf Feb.gpo. 26: Stimulus Romer-Bernstein Assessment: http://otrans.nber.nytimes.gov/sites/default/files/microsites/economic-report-president-chapter-2r2.3cdn.com/famafrench/2009/01/bailouts-and-stimulus-plans.org/world/why-second-look-matters/p18996 Mar.27.pdf Mar.0 .aspx Mar.net/45593e8ecbd339d074_l3m6bt1te.org/external/pubs/cat/longres.

Apr.org/research/data/credit_easing/index.nytimes.pdf Beveridge curve analyses TK Apr. Inflation or deflation? Meltzer.org/united-states/new-financial-deal-do-1930s-teachreforming-todays-financial-markets/p19004 Krugman.typepad.cfr. http://www.com/online/blogs/johncassidy/2013/04/the-rogoff-and-reinhart-controversy-asumming-up.blogs.pdf Reifschneider et al: http://www. a primer: http://www.econ.newyorker. 7: Monetary debates I. “Crunch time” http://dss.kansascityfed. “Inflation nation”.ucsd. “Inflation is looming” http://economistsview. quantitative easing The data: http://clevelandfed.pdf April 21: Long-run fiscal outlook Latest CBO projections April 23: Crisis stories Blanchard on Latvia IMF on Iceland .imf. 14: Unemployment.pdf De Grauwe. http://www.html CFR symposium 2009: http://www. http://www.edu/~/media/Projects/BPEA/Spring%202012/2012a_DeLong.org/publicat/sympos/2012/el-js.kuleuven.com/2009/05/04/opinion/04meltzer.pdf Reinhart-Rogoff and all that: http://www.pdf Woodford on forward guidance: http://krugman.com/2011/07/22/this-age-of-hicks/ Apr.com/2012/09/01/woodford-onmonetary-policy-sort-of-wonkish/ Abenomics.edu/~jhamilto/USMPF13_final. 16: Hysteresis DeLong and Summers: http://www.html?pagewanted=all Feldstein. http://krugman.nytimes.edu/ceps/workingpapers/204blinder. structural or cyclical Edward Lazear.princeton.be/ew/academic/intecon/Degrauwe/PDGpapers/Discussion_papers/Governance-fragile-eurozone_s.org/external/np/res/seminars/2013/arc/pdf/wilcox.com/economistsview/2009/04/feldstein-inflation-is-looming.brookings.html Apr.9: Monetary policy II. TK Apr.nytimes. 2: Austerity debates II: Debt Greenlaw et al.cfm Blinder.blogs.

April 28: Secular stagnation? Summers speech Krugman on Summers April 30: The new normal? .