Although Cochrane is no Austrian, I feel he makes several valid points
http://faculty.chicagobooth.edu/john.cochrane/research/Papers/krugman_response.doc
Sadly, when he goes off about mathematics in the end, my respect for him almost fell off a cliff
What are your impressions/critiques of his response to Krugman?
Bob Murphy makes some points about Cochrane’s response on his blog.
Cochrane’s response to Krugman’s so called tactics is good, but other than that, he’s pretty disappointing.
Mario Rizzo has an pretty evenhanded commentary about the whole debate.
EDIT: Oh wow, Murphy links to Rizzo in the first paragraph of his response. Woe on me for not reading.