Scott's post is here, Krugman's is here. (My first post on the topic is here, my last post here). Arnold Kling has more. Later, Tabarrock opposes Cowen on ZMP and agrees with Krugman. DeLong comments on Tabarrock:
That it is a fact is pretty clear:
It used to be that the times when unemployment was rising were times when economy-wide productivity growth was undershooting expectations. Now the times when unemployment is rising are times in economy-wide productivity is overshooting expectations.
If the stake had not been driven through the heart of real business cyle theory long ago, that would definitely do it...
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