Thursday Roundup is a bit more sedate today, since I'm temporarily laying off cocaine suppositories and peyote milk tea.
Me in Bloomberg View
1. It's a good bet that Japan will have to monetize its debt. That will be an interesting an unprecedented macroeconomic experiment.
2. John Cochrane shouldn't be so quick to dismiss concerns over income inequality.
3. It's possible that high Wall St. pay is due in part to compensating differentials.
From Around the Econ Blogosphere
1. Brad DeLong is absolutely on fire this week. In one epic post he explains why Bill Gross got 2011-2013 so very wrong. In another, he calls out and chastises a remarkable number of inflation-derping economists who have refused to admit they were wrong in 2011. Ahh, 2011, the year that the 1970s died.
2. Paul Krugman says that the reason he seems mean is that he only gets involved in debates that justify being mean.
3. Economists rediscover the endowment effect.
4. Matt Yglesias politely smacks down Scott Winship, who has made a career of downplaying trends he knows perfectly well are real.
5. Joe Stiglitz says that macroeconomics uses crappy microfoundations. Technically an NBER working paper instead of a blog post, but whatev.
6. Tony Yates has more gripes with John Cochrane's talk on inequality.
7. Cardiff Garcia reports on deflationary pressures around the world.
8. Scott Sumner vs. Matt Bruenig is a blog battle for the ages.
9. In case you wanted to read another debate about whether economics is a science, here is a debate between Adam Ozimek and a troll named Pascal-Emanuel Gobry.
10. Robert Waldmann claims that 1960s macro equations perform well out of sample to this very day. I'd be interested to see some quantitative evidence of that bold claim.
11. Stan Veuger's reflexive, hand-waving dismissal of Michael Strain's excellent column on infrastructure shows that some conservative derponomists just refuse to believe that public goods exist.
12. Josh Brown has written a magisterial epitaph for Bill Gross' tenure at PIMCO.
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