AS A NOMADIC HORSEMAN HE TRAVELS AROUND THE WORLD TO GIVE AND LIBERATE AND AS THE HORNED CHILD HE COMES CHARGING AT THE SLAVEMASTERS dark: @hydrerich
Zwölfaxing, Österreich
Joined March 2019
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der IS unterwandert die gender reveal Szene retweeted
häng am block und mach zu oagen reibach
mit zeug wos di high macht
von new york bis laibach
der IS unterwandert die gender reveal Szene retweeted
Es lebt sich rr entspannter wenn man alzeptiert dass mittlerweile 100% im imternet frei erfunden ist.
der IS unterwandert die gender reveal Szene retweeted
Remember this when it comes to annoying dune discussions
der IS unterwandert die gender reveal Szene retweeted
Pleased to welcome Ambassador Barbera Thornhill, U.S. Ambassador-at-Large to Monitor and Combat Trafficking in Persons, to the U.S. Embassy in Bern. 🇺🇸🇨🇭
der IS unterwandert die gender reveal Szene retweeted
While we celebrate chief architect Woodford, now is also a good time to remember the many people involved in building the New-Keynesian theory of business cycles and stabilization policy.
Below is a slide from my first-year Ph.D. macro class.
der IS unterwandert die gender reveal Szene retweeted
The Nobel Prize given to Mike Woodford and Bob Hall will re-trigger discussions about the so-called New Keynesian model. Some will hail it as an unambiguous success, building macro from micro foundations. Others will dismiss it as an empirically irrelevant construction, leading to complex models without much relation to reality.
As often is the case, truth is in between. I expressed my views, as a participant in the enterprise, but not an unconditional believer, in an NBER Macro piece last year. Given that the link has expired, I use this opportunity to repost it. shorturl.at/Xq7QG
My criticisms of these equations are well documented 😀. shorturl.at/cPKLV But this is what a useful model does and has to be judged by the work and the discussion it triggers. Why is there more inflation inertia than implied by 1? What about liquidity constraints and limited rationality in 2? Are expectations as forward looking as RE? Etc. And, given these deviations, what are the implications for policy? Is the initial model useless, profoundly misleading, or a useful starting point? What remains when you make the changes you think appropriate?
