what do you mean by empirical value? Structural models, for example, inform real policy decisions
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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But no one can say to an order of magnitude how much “enough” is; no one predicted QE+disinflation,
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