NYC Fed Endorses Hansen’s and Piazzesi’s “Contributions” to Climate Change Economics

2 Comments / Computational Economics, RDCEP, University of Chicago, US Federal Reserve /

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 […]

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Congress Investigates DSGE Models: One Witness Says Big Problem Is The Lack of Brain Power

1 Comment / Computational Economics, Macroeconomics, The state of economics /

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

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Macroeconomists endorse Barro (1979). I prefer Dehejia and Rowe (1995).

4 Comments / Computational Economics, Journal of Political Economy, Macroeconomics, The state of economics /

At today’s macro conference hosted by John Taylor, George Hall presented his paper with Tom Sargent titled “Three world wars: Fiscal-monetary consequences” at today’s Taylor conference. James Bullard asked Hall and Sargent to compare their analysis of taxation and spending with the Barro theory. In their paper, Hall and Sargent say “After World War I

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Why can’t the Fed be as good as the Bank of Canada?

Leave a Comment / Computational Economics, Macroeconomics, The state of economics, US Federal Reserve /

I am at John Taylor’s annual macroeconomic conference on monetary policy. The first panel included comments from Richard Clarida and Larry Summers. Time for questions ran out so I put mine here. Larry Summers said he asked an RA to run simulations of FRB/US, the primary Fed model, and reported that the results said a

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