Will Ambrosini does some scorekeeping among macroeconomists. It seems like there is maybe more consensus than I had thought, which I guess is somewhat comforting.
Will Wilkinson has words for macro economists. He got me thinking about the political affiliations of macroeconomists. Here’s what I’ve found:
Macroeconomist’s name IDEAS rank Political affiliation Views on fiscal stimulus Robert J. Barro 3 Republican?, no political appointments Tax-cuts not spending Robert E. Lucas 5 ? Con, but concerned about sudden drop in consumption Edward C. Prescott 7 He signed astatmentopposing Obama’s tax/trade policy ? Martin S. Feldstein1 8 “conservative” Pro, likes military spending Daron Acemoglu2 10 ? Con, worries about long term consequences Olivier Blanchard 13 ? Pro Mark L. Gertler 14 ? ?, but he says monetary policy can still be effective Thomas J. Sargent 17 ? Con Lars E. O. Svensson 21 ? ?, but has written on the effectiveness of monetary policy when interest rates are zero N. Gregory Mankiw 22 Republican Con Jordi Galí 25 ? ?, his research is the only legitimately modern macro that shows fiscal stimuls can work Ben S. Bernanke 33 Republican appointee His public statements are Pro, but I’m not sure what his private opinions are. His research is all money all the time. Michael Woodford 34 ? ?, but in a survey has said the consensus is “fiscal measures are not suitable for accurate ‘fine-tuning’, even if it is not agreed that they have little effect.” John B. Taylor 49 Republican appointee Pro, but has shown the recent tax rebate was ineffective at stimulus
It seems most macro folks are conservative or Republican. The Gali paper on effective fiscal policy seems like it might be worth taking a look at.
You’ll notice Delong and Krugman (and Alesina, Becker, Cochrane, Fama, Murphy, and Zingales) are missing from this list of MACROeconomists. This is because they are not macroeconomists.
It seems to me the historians were calling the finance people boneheads for their ideas on macroeconomics. I wonder what the planetary scientists think about the exobiologist’s views on theoretical cosmology.
In reply to the contention that right-winger economists have lined up against fiscal stimulus, Brad Delong asks: “What is Martin Feldstein? Chopped liver?” It seems like lots of people think so every time I try to cite his estimates of the elasticity of labor supply when debating taxes. Ah, the fine art of “siffing.”