Ed Prescott, famous for purging econometricians from his department, calls the Minnesota Fed purge "crazy":http://blogs.wsj.com/economics/2013/11/26/nobel-winning-economist-calls-minneapolis-fed-shakeup-crazy/ …
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@AdamPosen@Noahpinion the freshw's provided methodological externalities, despite their controversial stance on substance.
Those methodologies were without merit and caused real harm @t0nyyates @Noahpinion Calibration and microfoundations are pernicious nonsense
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@AdamPosen@Noahpinion mfs grew from careful analysis of the failures of the alternative. how do you substantiate ur assertion 'w/o merit'? -
@AdamPosen@Noahpinion is bernanke and gertler's financial accelerator 'without merit'? -
The merit is in intuition given by Bernanke's historical insight
@t0nyyates@Noahpinion and in the subsequent empirical work, not the model
End of conversation
New conversation -
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@AdamPosen@Noahpinion dont be distracted by calibrat. its a sideshow by many [eg christiano] not even recognised as a separate approach.Thanks. Twitter will use this to make your timeline better. Undo
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