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Tag Archives: macroeconomics
Speculations on the stabilization and dissemination of the “DSGE” trade name (in progress)
Some research I’ve done for the history of macroeconometric modeling conference that will be held in Utrecht next week led me to wonder who coined and disseminated the term “Dynamic Stochastic General Equilibrium.” Not the class of models, whose development … Continue reading
The ordinary business of macroeconometric modeling: working on the MIT-Fed-Penn model (1964-1974)
Against monetarism? In the early days of 1964, George Leland Bach, former dean of the Carnegie Business School and consultant to the Federal Reserve, arranged a meeting between the Board of Governors and 7 economists, including Stanford’s Ed Shaw, Yale’s … Continue reading
Posted in Uncategorized
Tagged applied, computer, Econometrics, empirical, Fed, forecast, macroeconomics, MIT, policy, prediction, simulation
1 Comment
How not to screw up your economic expertise: lessons from the Kennedy tax cut grandmaster, Walter Heller
What is the “crisis in economic expertise” about? Trump’s decision to demote whoever might be nominated chairman of the Council of Economic Advisers (CEA) from his cabinet has been interpreted as a final blow to a tough year – … Continue reading
The problem with “economists-failed-to-predict-the-2008-crisis” macrodeath articles
This week has delivered one more interesting batch of economics soul-searching posts. On Monday, the Bloomberg View editorial board has outlined its plans to make economics more of a science (by “tossing out” models that are “refuted by the observable world” … Continue reading
Posted in Uncategorized
Tagged Cowles, Econometrics, financial crisis, forecast, Friedman, Klein, macroeconomics, policy, prediction
3 Comments
A History of the JEL Codes : the Making of the “Microeconomics” and “Macroeconomics” Categories [Part 3]
During the 1930s, members of the Econometric Society such as Tinbergen or Fleming, increasingly came to use a slightly transformed version of a pair of words coined by Ragnar Frisch around 1933: “macrodynamics” and “microdynamics.” Yet, it was only in 1990 … Continue reading
Macrowars, economists’ narratives, and my dreamed history of macro
Crossposted from INET Playground Economists’ macro stories The last straw in the enduring blog debate over microfoundations has taken a decisive historical turn. Last December already, Paul Krugman gave his own account of how microfoundations came to be the 70s, and why … Continue reading
