And I don’t say it’s wrong, either. But try reading this discussion of the right level of interest rates, monetary tightening, from an American Professor and then compare it with that of our Trio of Professors, the P³.
Who do we think might be working through the complexity of this difficult problem and who might be shouting mantras into an uncaring wind?
A proper understanding of the situation, years of learning and experience and a willingness to look at the problem in the round. Nah, it’ll never catch on.
Since prices are indistinguishable from arbitrary, capricious noise, is Mankiw’s belabored reasoning all based on a lie?
I asked Mankiw a question on his blog once. He replied with impressive courtesy.