In June, 2022, Governor Waller of the Federal Reserve spoke on monetary policy at the 2022 meetings of the Society for Computational Economics. After his session, I attended the FRB Dallas reception in the George W. Bush Library. I met Governor Waller and told him that the modeling methods used at the Fed were substantially […]
Governor Waller blames me for Fed weaknesses. Really? Read More »
The 2022 Nobel Prize in Economics recognized excellent work in economics. No one will dispute that. However, the Nobel committee did not display the kind of even-handedness we have seen in the past. I remember when the Diamond-Dybvig model was first put forward. It energized discussion of the role of central banks and supported their
Nobel 2022: Comments Read More »
The 2022 Nobel prize in economics will be announced tomorrow, Monday, October 10. Of course, it is not a “real” Nobel prize but rather the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” but I will use the conventional phrase “Nobel prize in economics.” The official name does raise an interesting question. Why
Is Economics a Science? Read More »
I have documented errors in economics papers and pointed out the arguments for why economists say they can’t do better. In a real science, authors would fix errors others have found before publishing their paper. Not in economics. In 2001, I became aware of a working paper version of “Equilibrium Welfare and Government Policy with
Economists Knowingly Publish Papers with Errors Read More »
You may have guessed that I enjoy poking the ruling elite in economics. That was the case with a self-declared tyrant that threatens the careers of my students, a Fed VC who thinks it is best to have neither his students at Columbia nor researchers at the Fed be trained in modern computational skills, and