Doug wrote: >'Cause I'm way out of town this week. How's the convention? I heard there >was a party for the Long Term Capital guys. I don't know about the party, since I wasn't invited. The URPE part of the convention was very good, since the ASSA cut-backs seem to have energized URPE's spirit to resist. Also, it's great to talk to an over-full room. I went to only one AEA session, with Edmund Phelps, proxies for the late Robert Eisner, and Ray Fair talking about the NAIRU. Alan Blinder and Jamie Galbraith and James Tobin and ?? can't remember ?? commented. It was pretty good, considering. The old NAIRU is in trouble. Interestingly, the most conservative of the bunch, "Ned" Phelps, was pushing a thesis that showed up in my Ph.D. thesis: a rising rate of profit lowers the NAIRU (what he called the "natural" rate). Much less plausibly, he saw the high stock market as helping lower the NAIRU. Hmmm.... Doug, this cyber-Bud's for you. Jim Devine [EMAIL PROTECTED] & http://clawww.lmu.edu/Faculty/JDevine/JDevine.html
