Tag Archives: macroeconomics

Working on 1960s macroeconometrics : there’s an echo on the line

Three years ago, a group of historians of economics embarked on a reexamination of the relationships between theoretical and empirical work in macroeconomics. Our goal was inward looking. We were not primarily looking to contribute to present discussions on the … Continue reading

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The making and dissemination of Milton Friedman’s 1967 AEA Presidential Address

Joint with Aurélien Goutsmedt In a few weeks, the famous presidential address in which Milton Friedman is remembered to have introduced the notion of an equilibrium rate of unemployment and opposed the use of the Phillips curve in macroeconomic policy … Continue reading

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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

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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

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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

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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

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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

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