The New Deal and Recovery, Part 14: Fear Itself (Conclusion)

Conclusion)_____________________[1] See,inter alia,Pindyck (1991),Dixit and Pindyck (1994),Bachmann and Bayer (2013), andStokey (2016).[2] One wonders, for starters, about the index ’s failure to allow for approximate synonyms for “uncertainty” and “uncertain,” such as “fear,” “fearful,” “afraid,” and “worried,” as well as phrases like “low business confidence.”[3] The Harrison and Weder model also predicts a  less severe decline in consumption than actually took place.[4] In his figure, Mathy transposes the dates of the Anschluss and Munich Agreement.[Cross ‐​posted from Alt​-​M​.org]
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs