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Riddle me this, macroeconomists

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Mark Lennihan / AP / File

(Read caption) In this Oct. 27, 2009 file photo, James Dimon, chairman and CEO of JP Morgan Chase & Co., speaks in New York. Mr. Dimon said recently that he's afraid the Fed is actually slowing down the recovery. Could he be right?

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As a failed macroeconomist (and thus a current applied micro scholar), I would like to pose some riddles for my "macro" brethren. To set the scene, here is a high quality piece by Greg Mankiw sketching a short history of what macroeconomists do all day long. They are ambitious! Now let's fast forward to June 2011 and take a look at Andrew Ross Sorkin's piece in the NY Times today.

A Wall Street Wizard named Jamie Dimon has the audacity to challenge Professor Ben Bernanke with a tough counter-factual. Here is a quote from Dr. Dimon;
“I have this great fear that someone’s going to write a book in 10 or 20 years, and the book is going to talk about all the things that we did in the middle of a crisis that actually slowed down recovery,” he told Mr. Bernanke at a televised meeting of bankers in Atlanta, ticking off a laundry list of new regulations like higher capital requirements and a tax on systemically important financial institutions.


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