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 …
I often ask macroeconomists why their models are so simple, far simpler than the real world. I asked one macroeconomist what “constraint prevents you from examining less simplified models?” His answer was clear and direct: “In my case it’s IQ” but he goes on to claim that this is true of “mainstream macro people.” He …
I will be hosting a variety of Zoom lectures and workshops starting Tuesday. The first one will be presented by the estimagic team. Economics has been hampered by the fractured collection of software tools typically used by economists, the lack of free software designed to solve their problems, and the absence of organized efforts to …
On Friday, May 13, The NYC Fed will host the conference “Climate Change: Implications for Macroeconomics”. Speakers include Lars Hansen of the University of Chicago, and Monika Piazzesi of Stanford University. These choices clearly show the Fed’s approach to research on these issues. If you like FRB/US you will love the approach to climate change …
NYC Fed Endorses Hansen’s and Piazzesi’s “Contributions” to Climate Change Economics 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 …