…a problem for the PIH (excess smoothness). Given the state of the debate (when last I checked long ago) this is about evidence for or against the PIH. There are…

…add that I think of it as including the assumption that it is useful to model aggregate consumption as the decisions of a representative consumer. The PIH as introduced by…

…facts are exactly what you would expect if at least part of consumption corresponded to consumption in the PIH. Now when one attempts to test the PIH (is the glass…

…PIH. They can be reconciled with utility maximization (anything can be) but they are not at all the pattern implied by the PIH. The PIH implies that if high GDP…

…dismissed the PIH (well before it re-emerged) as follows when discussing consumption in Chapter 8 of The General Theory … (6) Changes in expectations of the relation between the present…

…I saw presented as just an example of a model other than the PIH). Marglin’s point (which struck me with the force of a new idea after a delay of…

…smart things and solve equations at the same time. Second I now wonder if the PIH glass is half full. Consider a model of totally myopic backward looking agents with…

…. . . Recent Quartz article on Private Label and Brand name. Private-label brands are having a moment in 2024, and it’s no coincidence that some of the biggest winners…

by cactus Forbes and the “Self-Made” Label I’m kinda busy these days, but this topic is small pet peeve of mine: what the heck is up with Forbes and the…

…have to submit articles.” Off-label use of drugs is big business. According to The Wall Street Journal, “[FDA] is stepping into a high-stakes business issue, because off-label uses of prescription…