ARNOLD

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1. Payroll Tax Holiday and the Trust Funds, by Arnold Kling
   
   Fri Sep 3 15:10:47 2010
   Megan McArdle writes , Politically, this has one major drawback: its going to put huge holes in the Social Security and Medicare trust funds. Since I think those trust funds are meaningless accounting devices, I dont think this has any pract[...]
2. Mortgage Credit and the Housing Bubble, by Arnold Kling
   
   Fri Sep 3 09:46:34 2010
   Adam J. Levitin and Susan M. Wachter write , the bubble was a supply-side phenomenon, attributable to an excess of mispriced mortgage finance: mortgage finance spreads declined and volume increased, even as risk increased, a confluence attribut[...]
3. Technocratic Fundamentalism, by Arnold Kling
   
   Fri Sep 3 08:49:55 2010
   Barry Eichengreen writes , Those root causes were an ideology of market fundamentalism and the policies flowing from it. The idea that markets get it right and governments only get in the way, what I refer to here as market fundamentalism, is a[...]
4. Bond Bubble Watch, by Arnold Kling
   
   Thu Sep 2 18:40:51 2010
   Jonathan D. Ostry, Atish R. Ghosh, Jun I. Kim, and Mahvash S. Qureshi write , at 5 percent of GDP below the debt limit, the government should be able to borrow at the risk-free rate; but as debt rises by a mere 5 percent of GDP more, the govern[...]
5. If I Taught Greg Mankiws Seminar, by Arnold Kling
   
   Thu Sep 2 10:54:07 2010
   His list of books for a freshman seminar in economics includes a diverse selection, including Bryans Myth of the Rational Voter , which is the only one that I would duplicate. Offhand, I would pick 1. Jerry Muller, The Mind and the Market . [...]
6. Unchecked and Unbalanced Watch, by Arnold Kling
   
   Thu Sep 2 10:32:11 2010
   Pete Peterson writes , the Los Angeles City Council is expected to overturn the 36-year-old policy of city-funded sidewalk repair, returning responsibility to property owners. The city is attempting to narrow a nearly half-billion-dollar budget[...]
7. Is the Taylor Rule Really a Rule?, by Arnold Kling
   
   Thu Sep 2 07:14:31 2010
   John Taylor writes , The Taylor rule says that the federal funds rate should equal 1.5 times the inflation rate plus .5 times the GDP gap plus 1. Currently the inflation rate is about 1.5 percent and the GDP gap is about -5 percent using the [...]
8. Lawrence Lindsey Vs. Christy Romer, by Arnold Kling
   
   Thu Sep 2 06:33:09 2010
   She says , by June, before the Recovery Act could have had much of an impact, it was 9 percent. That is, our projection turned out to be wrong even before the Recovery Act had a chance to get off the ground, which is about as clear-cut evidenc[...]
9. Oil Bubble Talk is Back, by Arnold Kling
   
   Wed Sep 1 23:04:42 2010
   CNBC quotes Peter Beutel, I honestly think that if there were no investors using oil as an asset that the price of oil right now would be 10 or 15 or 18, but it wouldnt be anywhere near where it is He sees high inventories of oil. Anyw[...]
10. Thomas Sargent, Master Macroeconomist, by Arnold Kling
    
    Wed Sep 1 19:33:57 2010
    In an interview, he says , the more dynamic, uncertain and ambiguous is the economic environment that you seek to model, the more you are going to have to roll up your sleeves, and learn and use some math. Pointer from Mark Thoma . Self-[...]