Donnerstag, 20. März 2014

The State of Macro

Noah Smith über den Zustand der Makroökonomik.
"So to sum up: Macro definitely does not look like a dying research program, stuck in scholastic navel-gazing while the world passes it by. I could name a couple research programs that do look like that, but macro is not one of them. Instead, it looks like a vigorous, energetic field full of excited young true believers and respected older figures who are still blazing new trails. Instead of retreating into the ivory tower and ignoring its weaknesses after 2008, macro has aggressively moved to put finance into its theories, while playing around with things like heterogeneity, learning, and simpler forms of models. Nor is the world losing interest in macro - it remains the single biggest, most glamorous, and most popular field of economics, and the biggest destination for top job market candidates.

Of course, that doesn't mean that macro is as awesome as its boosters would tell you. I think it has some big problems. But today I don't think I'll harp on those. Today, I think I'll just give the macro field its due for answering so many of its critics in quiet but decisive fashion."

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