Wednesday, June 03, 2015

DeLong Praises The Long Run

"these beliefs hinged and hinge on a firm and faithful expectation that this long run is at hand, or is near, or will soon draw near (translations from the original koine texts differ)" those who believe will not taste death before, but will live to see exit from the liquidity trap"

I commented

"Yea, though I walk through the valley of the shadow of debt, I will fear no evil: thou -- long run -- art with me; thy root and saddle path, they comfort me."

He commanded

"You have a moral obligation to expand this to its full and proper length..."

so don't blame me for what follows.

The Long run is my shepherd, I lack nothing.

He makes me slide down eigenvectors,

he leads me beside calm markets,

he refreshes my screen.

He guides me along the saddle paths

for his game’s sake.

Even though I walk

through the local minimum of the shadow price of debt,

I will fear no lambda,

for you are with me;

your root and your graph,

they comfort me.

You prepare an I.O. table before me

in the presence of my counter parties.

You adjust the price of oil;

my R & D spills over.

Surely your TFP will follow me

all the days of my life,

and I will dwell on the balanced growth path

forever.

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