“Squabbling over the relevance of some guy who died nearly 70 years ago does make the academic discipline of macroeconomics seem rather pathetic”
Wren-Lewis, Mainly Macro, 27 Nov 2014
Amen, but let let’s talk about it anyway…
Keynes is slowly winning, Paul Krugman, 26 Nov 2014
Keynes is slowly losing (winning?) Marginal Revolution, 27 Nov 2014
Roger Farmer’s quiz for wannabe Keynesians…
Tag: im11
DSGE Models at the Fed
The NY Fed is producing a five-part series of articles on DSGE models. So far…
Forecasting with the FRBNY DSGE Model, Liberty Street Economics, 22 Sep 2014
A Bird’s Eye View of the FRBNY DSGE Model, Liberty Street Economics, 23 Sep 2014
More detail on the Fed’s DSGE model can be found here.
Badly Behaved Economies
An excellent, non-technical primer on why standard macro assumptions of dynamic stability and smooth transitions can lead you astray…
Where Danger Lurks, Olivier Blanchard, IMF Finance and Development, Sep 2014
Real Recessions Unveiled
Real Business Cycles…down but not out…
Recessions and Hunks of Junk, Bloomberg View, 18 Aug 2014
RBC models we can believe in? Noahpinion, 18 Aug 2014
Fed Model
The Federal Reserve model of the US economy is now easily available (in EViews format) from its public website…
The FRB/US Model: A Tool for Macroeconomic Policy Analysis, April 2014
FRB/US model packages
Efficient Markets
Clifford Asness and David Liew present a review of where things stand on the Efficient Markets Hypothesis…
The Great Divide over Market Efficiency, Institutional Investor, 3 Mar 2014
While Tim Harford presents an overview of why “informed” investors may be in short supply…
How investors get it wrong, Financial Times, 28 Mar 2014
Bad Behaviour
Perhaps the rational actor model is like democracy: the worst paradigm ever devised, apart from all the others…
Behavioural economics and public policy, Financial Times, 21 Mar 2014
Is Behavioral Economics the Past or the Future? Chris House blog, 28 Feb 2014
Transactions Costs
One of the better ed-ops on Coase’s contribution to economics. Of course, the issue of transactions costs applies as much to “New” Keynesian views on price stickiness, financial frictions, etc as it does to conventional micro…
“How a 1930s theory explains the economics of the internet“, The Guardian, 8 Sep 2013
Recalibrating DSGE Models
Seeking to restore the tarnished reputation of standard macro-forecasting models…
DSGE + financial frictions = macro that works? Noahopinion, 29 May 2013
Inflation in the Great Recession and New Keynesian Models, Del Negro, Giannoni, and Schorfheide, FRBNY Staff Report, May 2013
Rethinking Macro Policy
The IMF has just published a useful summary of key macro policy issues going forward…Rethinking Macro Policy II: Getting Granular, Blanchard et al, IMF Working Paper, 15 Apr 2013
The IMF link to its April 2013 conference on Rethinking Macro Policy is also worth following up.