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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Those methodologies were without merit and caused real harm
@t0nyyates@Noahpinion Calibration and microfoundations are pernicious nonsense
@AdamPosen @Noahpinion mfs grew from careful analysis of the failures of the alternative. how do you substantiate ur assertion 'w/o merit'?
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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) -
@AdamPosen@Noahpinion are vital, and so do many practitioners of dsge -
@AdamPosen@Noahpinion unless, trivially, the 'idea' is a statement like 'for reasons unknown variable x tends to correlate with y...'
End of conversation
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@AdamPosen@Noahpinion genakopolous' analysis of asset price fluctutations also 'without merit'?Thanks. Twitter will use this to make your timeline better. Undo -
@AdamPosen@Noahpinion or morris and shin's work on self-fulfilling breakdowns in securities markets 'without merit'?Thanks. Twitter will use this to make your timeline better. Undo -
@AdamPosen@Noahpinion or kiyotaki and moore's model of liquidity constraints 'without merit'?Thanks. Twitter will use this to make your timeline better. Undo -
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@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
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