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Showing posts with label Lucas critique. Show all posts
Showing posts with label Lucas critique. Show all posts
Monday, October 24, 2016

Brad DeLong — Why Did Keynes Write "In the Long Run We Are All Dead"?

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History of economics lesson. Keynes is discussing how to use the quantity theory of money as an analytical tool. What he is saying is t...
24 comments:
Thursday, April 7, 2016

Brad DeLong — Why Did Keynes Write "In the Long Run We Are All Dead"?

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The definitive explanation and its misrepresentation. It's Keynes statement of what later came to be called "the Lucas Critiq...
Thursday, March 17, 2016

Jason Smith — "Economics is a social science"

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Economists (and everyone else out there in the econoblogosphere): time to stop hiding behind theory and qualitative analysis and start addr...
Monday, May 5, 2014

Cameron K. Murray — Micro-foundations don't escape Lucas Critique

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The fundamental flaw in conventional economic (econometric) modeling is the assumption of regularity that is supposedly supplied by microfo...
2 comments:
Friday, January 10, 2014

Noah Smith — The most damning critique of DSGE

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If DSGE models work, why don't people use them to get rich? When I studied macroeconomics in grad school, I was told something along ...
Thursday, December 19, 2013

Peter Radford — The Lucas Mystique

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Peter Radford trashes the Lucas critique as magical thinking. Nice job. Real-World Economics Review Blog The Lucas Mystique Peter Radford ...
3 comments:
Friday, August 2, 2013

John Aziz — Minsky, the Lucas Critique, & the Great Moderation

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Looks at Ben Bernanke, Scott Sumner, and J. M. Keynes as well. If you read this, don't overlook the link to Brad DeLong's debunking...
Sunday, March 31, 2013

Andrew Lainton schools Noah Smith on math and SFC

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Without a proper modelling of state DGSE is simply mathematically flawed, and to dismiss mathematically correct approaches as ‘physics en...
1 comment:
Monday, July 30, 2012

Woj — Network Models Can Restore Emergence in Economics

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Is the economics profession using outdated models that don't handle complexity when such models are available and in use in other fields...
1 comment: