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 romer work on endogenous growth... i'll spare u 500 more examples i could give spanning econ, pol and finance
...by their microfdns but by empirical tests @t0nyyates @Noahpinion which microfdns rarely inform and frequently bias or misdirect. (3/3)
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@AdamPosen@Noahpinion are vital, and so do many practitioners of dsge -
@AdamPosen@Noahpinion it's therefore a contradiction to say that mfs bias or misdirect an idea as the latter does not exist but for mfs 3/. -
The freshwater/saltwater debate about methodology & models between
@t0nyyates@AdamPosen &@Noahpinion is worth following.
End of conversation
New conversation -
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@AdamPosen@Noahpinion get built bottom up from assumptions about what the agents are doing don't embody those ideas . Agree empirics 2/..Thanks. Twitter will use this to make your timeline better. Undo -
@AdamPosen@Noahpinion the ideas are not defined without mfs; the ideas are descriptions of wot people and firms do; models that don't 1/..Thanks. Twitter will use this to make your timeline better. Undo
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