Macroeconomics is a pseudoscience, like astrology. It’s time for everyone to start pointing and jeering.https://twitter.com/hbdchick/status/845776954594938880 …
now we are doing some of those differently.” No argument—or even suggestion!—that resulting discipline has any empirical value.
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what do you mean by empirical value? Structural models, for example, inform real policy decisions
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The time series of the Fed dot plot shows their macro model can’t even approx predict a variable they have full control over.
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I interpreted it as "yes, a lot of stuff was really wrong but now it's much less wrong, we're moving in the right direction"
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They have replaced old, failed models that seemed to make sense a priori with new models that seem to make sense a priori.
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