now we are doing some of those differently.” No argument—or even suggestion!—that resulting discipline has any empirical value.
General point is, no one seems to be able to make meaningful predictions. So,
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is there some other value to the models besides that? Maybe some qualitative intuitions…
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E.g. sure seems if you print ENOUGH money, you will get price inflation (despite apparent failure of QE).
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I don’t understand the statistical methodology here. Looks dubious to me, but am not an econometrician/statistician.
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