Category Teaching
A theory of the price level is a theory of inflation, but not vice versa
Because of calculus. Suppose you start with a theory of the price level P(t). Differentiate that theory with respect to time and you get a theory of the inflation rate Pdot(t). If P(t) jumps at some time, which it might in some cases, inflation is infinite at those times, but that's interesting to know. Suppose […]
The usefulness of AS-AD, an example
Here is a model I saw recently. Except I am the one who has used the AS-AD framework to illustrate that model. The AD curve is drawn under the assumption that the central bank holds the nominal interest rate fixed. According to that model: If wages are sticky (so we are on the SRAS) a […]
In defence of the AS-AD framework
I disagree with Peter Dorman (HT Mark Thoma). I have used the AS-AD framework many times in my blog posts (and I don't remember anyone ever snickering at me for doing so) because I find it useful. Paul Krugman offers a partial defence of AS-AD, with the following caveat: "So there is a place for […]
Notation: a beginner’s guide
My colleague Lynda Khalaf's favourite saying is: Notation, notation, notation. Bad notation makes a paper difficult to follow. Papers that are hard to read and understand get rejected, or receive lower grades.
Things students do that aren’t annoying
Female Science Professor's blog recently featured a discussion of annoying things students do, like asking "Did I miss anything important" or "Is that going to be on the test" (the two questions FSP's readers voted the most annoying.) The purpose of the FSP posts is, in part, to generate good practical advice for students, and […]
Modern LM curves are vertical
Modern teaching of modern macroeconomics and modern monetary theory should reflect modern monetary policy — what modern central banks actually do nowadays. That means the modern LM curve is vertical.
Why “culture” is a lousy explanation
In China, there are 6 boys born for every 5 girls; the result of an age old preference for sons combined with widespread use of sex selection technology. It's tempting to ascribe son preference to culture and leave it at that. However, for an economist, "culture" is a lousy explanation. It has no only trivial predictive […]
Teaching Mundell Fleming
The Mundell Fleming model is usually taught in second year macroeconomics. It's the open economy version of the ISLM model. This post is me disagreeing with Simon Wren-Lewis about teaching open economy macro (in textbooks and in the classroom). It is not a disagreement about open economy macroeconomics. Simon says that the textbook Mundell Fleming […]
Draft notes for teaching Intro Money
I always suffer self-doubt when I teach the Money part of Intro Economics. Perhaps I'm over-thinking it, and it would be better for my students if I told myself to shut up, and just give them some simple clear story. But how to get it simple and clear, yet not horribly wrong or incomplete? I'm […]
Copy/paste/re-write; student essays as collages
This is not about economics. Maybe it's about teaching. Maybe it's about the internet. I only have anecdata, and it is compromised by sample selection bias. I don't have any theory, and I don't have a proposed policy.
Worthwhile Canadian Initiative 
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