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Tag Archives: simulation
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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Tagged applied, computer, Econometrics, empirical, Fed, forecast, macroeconomics, MIT, policy, prediction, simulation
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How the computer transformed economics. And didn’t
Initially published on the INET blog Below is a picture of what the desktop of MIT macroeconomist Franco Modigliani may have looked like in 1970, when he was working on the large macroeconometric model he was building for the Fed … Continue reading
Further thoughts on historicizing the computerization of economics
Why the computerization of economics needs to be historicized I’m co-organizing a conference investigating whether the transformation of economics from the 1970s is better characterized as an “applied turn” (applied meaning empirical and/or concerned with real-world and/or policy-related). Economists’ reaction … Continue reading
9 ways computers have affected the development of economics
“The rise of applied economics from the 1970s onward is a consequence of computerization and better data.” This increasingly canonical narrative has the allure of truthiness, and it is therefore surprising that the computerization of economics has never been historicized. … Continue reading
The computerization of economics: a chronology (in progress)
On Hardware, there’s a great illustrated history of computers here (and timeline). For econometrics software, I relied on Charles Renfro’s massive history. I have tried to classify the various ways in which computerization affected the development of economics here and I list further research questions … Continue reading
