Nobel laureate. Op-Ed columnist, @nytopinion. Author, “The Return of Depression Economics,” “The Great Unraveling,” “The Age of Diminished Expectations” + more.

The Voice Mail Oracle Speaks (Silly) — Princeton has Microsoft speech recognition on its voice mail; I've used Google for other purposes. The Google versions tend to be funny but decipherable; the Microsoft versions, well. For some reason the latest struck me especially: according to my caller, regarding race you all sent or turners wash dirty or change I suggest there's a third of broach market solutions grease your group twelve five slaloms I can only speculate.

Bad Tayloring - — Since they aren't currently able to demand a return to the gold standard - and maybe a ban on paper money? - Republicans are pushing to mandate that the Fed follow the so-called Taylor rule, which relates short-term interest rates to unemployment (and/or the output gap) and inflation.

Europe’s Greek test — Originally published Friday, January 30, 2015 at 4:52 PM One way to think about the demands of the newly elected Greek government is that it wants a reduction in the size of that contribution, writes syndicated columnist Paul Krugman. Syndicated columnist In the five years (!)

I See Very Serious Dead People — In the long run, of course, when we're all dead. I'm scrambling on last-minute course prep, so not much blogging today.

Europe’s Greek Test — In the five years (!) that have passed since the euro crisis began, clear thinking has been in notably short supply. But that fuzziness must now end. Recent events in Greece pose a fundamental challenge for Europe: Can it get past the myths and the moralizing, and deal with reality in a way that respects the Continent's core values?

I Do Not Think That Number Means What You Think It Means — Steve Rattner has a very puzzling piece in today's Times. Leave aside the dismissal of the austerity debate - which has, if nothing else, been a dramatic illustration of the immense relevance of macroeconomic analysis - as "simplistic"; Dean Baker has that one covered. What really gets me is this chart: "Losing competitiveness"???

Whitewashing the Crazy, Fed Edition — How does one report on politics when a significant wing of the political spectrum is, not to put too fine a point on it, stark raving mad? I appreciate that it's hard to do without attracting accusations of bias; on the other hand, there's a temptation to soft-pedal the crazy, to make it seem as if politicians were less out there than they really are.

Thinking About the New Greek Crisis — Markets are panicking. It's important to understand that this is not a verdict on the new Greek government, or at any rate only the new Greek government; it's a judgment that the risk of no agreement, and a disorderly breakdown of the whole process, is high.

Paul Krugman: Syriza should ignore calls to be responsible — Alexis Tsipras, leader of the left-wing Syriza coalition, has become prime minister of Greece. He is the first European leader elected on an explicit promise to challenge the austerity policies that have prevailed since 2010. And there will be many people warning him to abandon that promise, to behave "responsibly".

The Tyranny of Greece Over Germany — No, I haven't lost my mind. That's the title of a classic book by Eliza Marian Butler arguing that German culture was warped by an obsession with ancient Greece, which has nothing at all to do with the current problems of macroeconomic policy.
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Jan 29, 2015

I Do Not Think That Number Means What You Think It Means

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