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.

14 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.

Anonymous said...

kidney stone remedy -
learn digital photography now -
learn elements now -
linden method -
lose man boobs -
malware removal bot -
maternityacupressure -
maternity acupressure -
meet your sweet -
muscle gaining secrets -
muscle gain truth -
niche adsense themes -
ninety day powerseller -
pc optimizer pro -
pregnancy miracle -
pregnancy without pounds -
privacy control -
publicrecordspro -
public records pro -
quit smoking today -
reg genie -
registry easy -
registry genius -
registry smart -
registry winner -
registry winner download -
retrievea lover -
reverse mobile -
richard mackenzie direct -
rocket italian -
save my marriage today -
secrets book -
seo elite -
spyware cease -

Anonymous said...

spyware remover -
spy zooka -
stock assault -
talking to toddlers -
the action machine -
thebadbreathreport -
the bad breath report -
thedietsolutionprogram -
the diet solution program -
the rich jerk -
tonsil stones remedies -
top secret fat loss secret -
turbo cash generator -
turbulence training -
twitter online system -
uncle sams money -
underground hypnosis -
vincedelmontefitness -
vince del monte fitness -
warp speed fat loss -
water 4 gas -
wedding speech 4u -
wp goldmine -
wrap candy -
xsite pro -
zygor guides -
37 days to clean credit -
advanced defrag -
adware alert -
adware bot -
affiliate prophet -
affiliate video brander -
anti spyware -
art of approaching -

Anonymous said...

atomic blogging -
auction classified cash -
automated cash formula -
bbq book -
bloggers pay check -
blogging in action -
body building revealed -
burnthefat -
burn the fat -
carb rotation diet -
cheat your way thin -
chopper tattoo -
cleanup the profits -
cold sore freedom in 3 days -
commission blueprint -
conversationalhypnosis -
conversational hypnosis -
cure for bruxism -
declutter fast -
driver checker -
earth4energy -
earth 4 energy -
easy member pro -
easy tv soft -
eatstopeat -
eat stop eat -
fap turbo -
fatburningfurnace -
fat burning furnace -
fatloss4idiots -
final sync -
final uninstaller -
fitness model program -
fit yummy yummy -

Anonymous said...

flatten your abs -
forex ambush -
governmentregistry -
government registry -
healthy urban kitchen -
homebrew installer -
homemadeenergy -
home made energy -
instant article wizard -
jamo rama -
joyful tomato -
lose man boobs -
lower body make over -
maternityacupressure -
maternity acupressure -
maverick money makers -
meet your sweet -
muscle gaining secrets -
muscle gain truth -
natural cancer treatments -
niche review templates -
nyhms warcraft guides -
pappa pc -
pc booster -
pc optimizer pro -
pc secret formula -
pda flix -
privacy control -
publicrecordspro -
public records pro -
push button ecover -
reg defense -
reg genie -
registry easy -

Anonymous said...

registry genius -
registry smart -
registry winner -
registry winner download -
reverse mobile -
richard mackenzie direct -
rocket japanese -
rotator cuff training -
save my marriage today -
secrets book -
silent sales machine -
silver lotto -
spyware cease -
super affiliate handbook -
the 11 forgotten laws -
thebadbreathreport -
the bad breath report -
thedietsolutionprogram -
the diet solution program -
the power pause -
tmj help -
tonsil stones remedies -
top secret fat loss secret -
turbulence training -
twitter rockstar -
uncle sams money -
underground hypnosis -
vincedelmontefitness -
vince del monte fitness -
warcraft millionaire -
warcraft wealth -
warp speed fat loss -
webcomp analyst -
wedding speech 4u -

Anonymous said...

your software website -
zox pro -
zygor guides -
500 love making tips -
acid alkaline diet -
acne no more -
advanced defrag -
adware alert -
adware bot -
affiliate elite -
anti spyware -
anti spyware bot -
article bully -
art of approaching -
auto pilot profits -
bbq book -
blogging in action -
body building revealed -
burnthefat -
burn the fat -
carb rotation diet -
chopper tattoo -
conversationalhypnosis -
conversational hypnosis -
cure for tinnitus -
debt free in three -
driver checker -
duplicate file cleaner -
earth4energy -
earth 4 energy -
easy member pro -
easy tv soft -
eatstopeat -

Anonymous said...

> -
end your tinnitus -
fap winner -
fat burning furnace -
fatloss4idiots -
fat loss 4 idiots -
final sync -
final uninstaller -
firewall gold -
fitness model program -
fit yummy yummy -
flatten your abs -
forex auto money -
forex auto pilot -
forex confidante -
game tester guide -
governmentregistry -
government registry -
healthy urban kitchen -
higher faster sports -
homebrew installer -
homemadeenergy -
home made energy -
i am big brother -
instant profit machine -
i want a teaching job -
joyful tomato -
lose man boobs -
lower body make over -
macro virus -
magic of making up -
make money taking surveys -
malware bot -
maternityacupressure -

Anonymous said...

maternity acupressure -
meet your sweet -
moles warts removal -
money siphon system -
muscle gaining secrets -
my airfare secrets -
my miracle loans -
my out of control teen -
natural cancer treatments -
ovarian cyst cures -
pc optimizer pro -
piano for all -
prevent sweating -
privacy control -
publicrecordspro -
public records pro -
pvp bible -
quick article pro -
quit smoking today -
reg defense -
reg genie -
registry easy -
registry genius -
registry smart -
registry winner -
registry winner download -
reg tool -
relationship headquarters -
reverse mobile -
richard mackenzie direct -
rocket japanese -
rotator cuff training -
satellite tv pc master -
secrets book -

Anonymous said...

maternity acupressure -
meet your sweet -
moles warts removal -
money siphon system -
muscle gaining secrets -
my airfare secrets -
my miracle loans -
my out of control teen -
natural cancer treatments -
ovarian cyst cures -
pc optimizer pro -
piano for all -
prevent sweating -
privacy control -
publicrecordspro -
public records pro -
pvp bible -
quick article pro -
quit smoking today -
reg defense -
reg genie -
registry easy -
registry genius -
registry smart -
registry winner -
registry winner download -
reg tool -
relationship headquarters -
reverse mobile -
richard mackenzie direct -
rocket japanese -
rotator cuff training -
satellite tv pc master -
secrets book -

Anonymous said...

spy no more -
spyware cease -
survey scout -
the bad breath report -
thedietsolutionprogram -
the diet solution program -
the guru assassin -
the power pause -
tmj help -
tonsil stones remedies -
turbulence training -
two minute profits -
vincedelmontefitness -
vince del monte fitness -
warp speed fat loss -
web traffic machines -
wedding speech 4u -
wind plans -
xp repair pro -
your fun business -
zygor guides -
500 love making tips -
acid alkaline diet -
acne no more -
advanced defrag -
anti spyware bot -
art of approaching -
banish tinnitus -
beat eczema -
blood pressure normalized -
burnthefat -
burn the fat -
conversationalhypnosis -
conversational hypnosis -

Anonymous said...

creative date ideas -
debt free in three -
digital background -
dirty talking guide -
discus fish secrets -
duplicate file cleaner -
dw insider -
earth4energy -
earth 4 energy -
easy tv soft -
easy web video -
eatstopeat -
eat stop eat -
end your tinnitus -
error doctor -
evidence smart -
fap winner -
fat burning furnace -
fat loss 4 idiots -
final sync -
final uninstaller -
firewall gold -
fitness model program -
fit over 40 -
fit yummy yummy -
flatten your abs -
forex auto pilot -
gain opinion -
gold secrets -
government records -
governmentregistry -
Auto Content Cash -
Banner Ad Blueprint -

stop pre ejaculation said...

Thanks a lot for this time sharing about DID THE STIMULUS WORK?. This is really a nice reading to be sharing.