The message is to review the assumptions, including methodological ones, and revise them as appropriate. Then compare the model with the real world.
What's so difficult to understand about that? This is what scientists do.
Difficult, you say? That's what you are getting paid for. If you don't have the chops, then resign and do something you can handle.
Maybe others have a better handle on it. Give them a shot.
The Telegraph
Inflation is getting harder to understand, central banker warns
The Telegraph
Inflation is getting harder to understand, central banker warns
Tim Wallace
It's a figure of speech Tom, used by monetarists... period....
ReplyDeleteIn economics and finance, "inflation" is defined technically as the rate of change of the price level in a unit of account, generally nationally, over a specified period, with measurement of the price level defined technically too.
ReplyDeleteI don't see how that is just a figure of speech.
Of course, inflation is a figure of speech in ordinary language, but it's technically defined in areas where it needs to be, e.g., modeling.
LINKS to
ReplyDeleteHow MMT got inflation wrong
https://axecorg.blogspot.de/2017/08/how-mmt-got-inflation-wrong.html
Forget Friedman, forget the Quantity Theory
https://axecorg.blogspot.de/2017/09/forget-friedman-forget-quantity-theory.html
Egmont Kakarot-Handtke