Here's The Reading List For Paul Krugman's Class On The Great Recession Next Semester

Next semester, 200 lucky Princeton students will have the opportunity to take The Great Recession: Causes, Consequences, and Remedies with professor Paul Krugman.

The reading list is stacked (and we can’t believe that only 178 students are currently signed up to take a class with a Nobel Prize winner, according to Princeton’s office of the registrar).

“The course will begin by reviewing the causes of the recession that began in December 2007. It will concentrate on consumer behaviour, financial markets, unemployment, and the housing sector,” according to the course description. “The role of public policies in contributing to the economic crisis and in ending the crisis will be explored. The state of the recovery will be assessed and monitored.”

Regular Krugman readers will recognise many of the texts from his bloggings at the New York Times, but it’s cool to see them laid out all syllabus style.

You can follow along at home all semester. Things get a little more free-form by April, but the midterm is on March 12, kids (via David Dayen):

Eco 348, The Great Recession: Readings (preliminary and incomplete)

Feb. 3: Overview

Eichengreeen and O’Rourke, “A Tale of Two Depressions”

DeLong, “The Great Depression from the perspective of today”

Nick Crafts, “If only it were the 1930s”


Feb. 5: Basic short-run macro

Hicks, “Mr. Keynes and the classics”

Krugman, “IS-LMentary”

David Romer, “Short-run fluctuations”

Feb. 10: The Great Moderation

Bernanke, “The great moderation”

Blanchard and Simon, “The decline in U.S. output variability”

Feb. 12: Bubbles

Shiller, “From efficient markets theory to behavioural finance”

Greenspan 2004

Minsky moment

FCIC report, part III

Feb. 17: Crisis models


Gorton, “Slapped in the face”

Bernanke, “The crisis as a classic financial panic”

Feb. 19: The panic

FCIC report, part IV

Feb. 24: Bailout


Feb. 26: Stimulus

Romer-Bernstein Assessment


Where the money went

Mar. 3: War among the economists

Krugman on economists




Mar. 5: The end of the panic

Economic Report of the President, 2010

Mar. 10: Global spread and stabilisation

IMF World Economic Outlook


Mar. 12: Midterm

Mar. 24: The euro

[email protected]

Mar. 26: The euro crisis

O’Rourke and Taylor

Eichengreen et al, “The mother of all sudden stops”

Mar. 31: Austerity debates I: Short-run effects

Krugman, Liquidity preference

Krugman, “Myths of austerity”

Alesina and Ardagna



Apr. 2: Austerity debates II: Debt

Greenlaw et al, “Crunch time”

De Grauwe

Reinhart-Rogoff and all that

Apr. 7: Monetary debates I, Inflation or deflation?

Meltzer, “Inflation nation”

Feldstein, “Inflation is looming”

CFR symposium 2009


Apr. 9: Monetary policy II, quantitative easing

The data

Blinder, a primer

Woodford on forward guidance

Abenomics, TK

Apr. 14: Unemployment, structural or cyclical

Edward Lazear

Beveridge curve analyses TK

Apr. 16: Hysteresis

DeLong and Summers

Reifschneider et al

April 21: Long-run fiscal outlook Latest CBO projections

April 23: Crisis stories

Blanchard on Latvia IMF on Iceland

April 28: Secular stagnation?

Summers speech Krugman on Summers

April 30: The new normal?

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