既視感

I notice he has an undergraduate in maths, then went straight into a PhD in economics. My conjecture: I bet he never took Intro Economics, or anything vaguely similar. I bet he waded straight into the mathematical deep end. And so he never really learned economics. So he took the Fisher identity (nominal interest rates = real interest rates + expected inflation), added monetary super-neutrality (equilibrium real rates are independent of monetary policy in the long run), and ran with it. He never distinguished between the equilibrium thought-experiment and the stability thought-experiment. If you explain this in words, as you have to in Intro Economics, you have to get it right.

Worthwhile Canadian Initiative: Why "everyone" should be forced to take Intro Economics

あるいは、今野氏も野口氏も、(そして小林慶一郎氏も)もともと経済とは畑違いのこの部門の出身ということも関係しているのだろうか? 若い頃に数理系で下手に頭を固めてしまうと、却ってマクロ経済学の真髄を理解しにくくなるのだろうか?

金利引き上げと応用物理 - himaginaryの日記

Jed Harris Nails It
He writes

I guess Kocherlakota (and Williamson) made a wonderful discovery -- the fed can keep the inflation rate constant by just holding the fed funds rate constant, since the rate of real interest is constant. It's a mathematical certainty! And makes the job so much simpler... wonder why we never thought of it...

Paul Volcker's life in 1979-1982 would have been so much easier if only he had had access to Kocherlakota's and Williamson's brains--NOT!!!

Jed Harris Nails It

しかし、齊藤にしろ小林慶一郎にしろ、何でフィッシャー式から「(名目金利,実質金利)→予想インフレ率」の経路を考えてしてしまうのだろう。名目金利を上げ下げして人々の予想インフレ率が変わるならば、こんな楽なことは無いのだが…*1

http://www.ichigobbs.org/cgi/15bbs/economy/0464/304

*1:これを書いたのは小生。