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Another rejection of Greenspanism
Monday, November 09, 2009
Just in case there was any doubt, Brad DeLong, a professor of Economics and chair of the Political Economy major at the University of California, Berkeley, former Deputy Assistant Secretary of the United States Department of the Treasury in the Clinton Administration under Lawrence Summers, research associate of the National Bureau of Economic Research, and visiting scholar at the Federal Reserve Bank of San Francisco, rejects "Greenspanism" in the strongest of terms (as best as I can tell based on this item the other day):
For reasons that should be obvious, I just can't get enough of this kind of stuff.
2 comments:
Followed the link to Delong's Blog. His academic CV posts his published articles. Here is a gem from 2006:
Contrary to Robert Shiller's Predictions, Stock Market Investors Made Much Money in the Past Decade: What Does This Tell Us?
J. Bradford DeLong, U.C. Berkeley
Konstantin Magin, U.C. Berkeley
Summary
Bradford Delong and Konstantin Magin remind us that a decade ago, many thought the stock market overvalued, and yet on balance the last decade has been good for investors who bought and held.
Timing is everything. That paper looked good for another year - not so much after that.
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