"Stranded profits"
"An Ivy League professor on what the campus conversation on race gets wrong"

"The macroeconomic elite is definitely wrong about something"

I don't know whether Scott Sumner is right, but he is definitely emphatic.

I find this incredibly depressing, as I think it's almost entirely wrong. (And yet I don't doubt that Christiano is expressing something close to the consensus view.) In my view, the Great Recession was caused by a sharp decline in NGDP, which was triggered by a flawed monetary policy regime (mostly a lack of level targeting, but other problems as well.)