Monday, November 2, 2009

Did the Stimulus Work?

Responses from Simon Johnson, Mark Thoma, Russell Roberts, and me, at Room for Debate.

My answer in brief: probably not.

20 comments:

Pierce Randall said...

I ran across this blog after reading the New York Times piece, and that's particularly weak reasoning. I'd be ashamed to write it. This guy works for Harvard?

First, what's a libertarian hit piece doing defending expansionary monetary policy by the Federal Reserve as an explanation for growth?

Second, the claim about market self-correcting mechanisms before 1914 is specious: why pick that date, if not to argue against the formation of the Federal Reserve system that Miron's defending above? An argument in bad faith. In any case, numerous panics rocked Wall Street in the 19-oughts, and the economy had particular difficulty recovering from the recession that lasted for most of the 1870s after the bubble burst on railway securities.

Enough with specious non-arguments. Here are the numbers for GDP (PPP) per capita annual growth during the periods this piece directly addresses:

1870-1913: 1.80%

1950-1973: 2.45%
1973-1998: 2%

Anonymous said...

In your article in the Times on Monday 11/2 about whether the Stimulus worked you state: "And the studies on fiscal stimulus have shown more impact from tax cuts than from spending increases".
What studies are you referring to? Studies you invented? Studies conducted by Fox "News". I would expect a Director of Economics at Harvard might be able to back up his statements w/ facts and not not sound bites. I guess that's asking too much for someone masquerading a a libertarian.

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