I don't often agree with David Andolfatto. Here, however, he has quite a bit of useful analysis about economic cycles and appropriate monetary & fiscal policy responses. Reading the blogs of the top of the macroeconomic food chain makes me wish sometimes that more of our public policy was written by technocrats. Not that they're not sometimes wrong, or that they don't occasionally end up stuck in their ivory tower worlds, but their arguments are reasoned and built upon analysis of the data. That's not a feeling that I often get from our politicians.