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Tuesday, July 27, 2010

Solow vs. Prescott and the Real Business Cycle model. Who you got?

Ed Prescott deserved the Nobel prize for his work on the time inconsistency problem and central bank credibility. Lately he deserves a trip to the nut house as he continues to insist financial matters are "much ado about nothing" as I heard him say publically with my own ears. He says more nonsense of the same type here in point #3 (thanks Dr. Rothman).

Here, Nobel laureate Robert Solow says what he thinks Thanks to Arnold Kling, Greg Mankiw and Phil Rothman...

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