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 mfs grew from careful analysis of the failures of the alternative. how do you substantiate ur assertion 'w/o merit'?
@AdamPosen @Noahpinion the romer work on endogenous growth... i'll spare u 500 more examples i could give spanning econ, pol and finance
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...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
New conversation -
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Whether ideas are right (like Bernanke-Gertler) or wrong/trivial (most others like Woodford)
@t0nyyates@Noahpinion is not determined (2/3)Thanks. Twitter will use this to make your timeline better. Undo -
I'm not playing and microfdn examples don't impress
@t0nyyates@Noahpinion These article examples all just come down to one line ideas (1/3)Thanks. Twitter will use this to make your timeline better. Undo
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