I'm a grad student at a top 10 department. With the risk of being identified I'm sharing with you what I heard at a dinner event last week. All of the participants were tenured profs from non-macro fields: labor, finance, metrics, international finance and maybe one or two more. The macro bashing was absolutely amazing. I knew that some people have issues with macro, but I did not know how much contempt there was even within the top of economics as a whole. I wish they would speak up more, because I don't think the public, and even grad students in econ, realize how the rest of economics feels about macro.
Macro bashing at the highest level
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LOL, you DSGE cultists _are_ in a religion. Your faith is that no crisis can ever be predicted, and when a crisis does occur, it must have been caused by a never-before-seen external shock from Obama or intangible capital. Macro is as good as it can be? Being unable to model a financial sector or crisis is as good as it can be? Ahahahaha. This is what you get when you install a mafia that shuts down all alternative approaches.so what should we do.. turn to religion when recommending policies? there is no low hanging fruit, macro is as good as it can be.. if you don't like it, move your ass and try to help, don't gossip around in the table like little girls
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so what should we do.. turn to religion when recommending policies? there is no low hanging fruit, macro is as good as it can be.. if you don't like it, move your ass and try to help, don't gossip around in the table like little girls
LOL, you DSGE cultists _are_ in a religion. Your faith is that no crisis can ever be predicted, and when a crisis does occur, it must have been caused by a never-before-seen external shock from Obama or intangible capital. Macro is as good as it can be? Being unable to model a financial sector or crisis is as good as it can be? Ahahahaha. This is what you get when you install a mafia that shuts down all alternative approaches.How is this different from seismology? They can't predict jack$hit, but no one disputes that it's a science.
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I once heard a very famous trade economist at Princeton make disparaging comments about macro.
I hesitate to say more lest I give away my identity.Are you making a joke about Krugman? Because he considers himself a macroeconomist (as well he should since he has many influential macro papers).
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^ Wait, what? Here are Krugman's most cited works. Incredible record, but I don't see "many influential macro papers" unless our definition of macro is broad beyond usefulness.
From Repec:
Year ↓ Title ↓ Cited ↓
1991 Increasing Returns and Economic Geography. In: Journal of Political Economy.
[Full Text][Citation analysis] 1697
1980 Scale Economies, Product Differentiation, and the Pattern of Trade. In: American Economic Review.
[Full Text][Citation analysis] 701
1979 A Model of Balance-of-Payments Crises. In: Journal of Money, Credit and Banking.
[Full Text][Citation analysis] 609
1995 Globalization and the Inequality of Nations. In: The Quarterly Journal of Economics.
[Full Text][Citation analysis] 502
1979 Increasing returns, monopolistic competition, and international trade In: Journal of International Economics.
[Full Text][Citation analysis] 462
1991 Target Zones and Exchange Rate Dynamics. In: The Quarterly Journal of Economics.
[Full Text][Citation analysis] 360
1983 A reciprocal dumping model of international trade In: Journal of International Economics.
[Full Text][Citation analysis] 235
1989 Persistent Trade Effects of Large Exchange Rate Shocks. In: The Quarterly Journal of Economics.
[Full Text][Citation analysis] 234
1987 The narrow moving band, the Dutch disease, and the competitive consequences of Mrs. Thatcher : Notes on trade in the presence of dynamic scale economies In: Journal of Development Economics.
[Full Text][Citation analysis] 227
1991 History versus Expectations. In: The Quarterly Journal of Economics.
[Full Text][Citation analysis] 205
1995 Growing World Trade: Causes and Consequences In: Brookings Papers on Economic Activity.
[Full Text][Citation analysis] 196
1979 A Model of Innovation, Technology Transfer, and the World Distribution of Income. In: Journal of Political Economy.
[Full Text][Citation analysis] 192
1996 Trade policy and the Third World metropolis In: Journal of Development Economics.
[Full Text][Citation analysis] 186
1999 Balance Sheets, the Transfer Problem, and Financial Crises In: International Tax and Public Finance.
[Full Text][Citation analysis] 186
1998 Its Baaack: Japans Slump and the Return of the Liquidity Trap In: Brookings Papers on Economic Activity.
[Full Text][Citation analysis] 179
1981 Intraindustry Specialization and the Gains from Trade. In: Journal of Political Economy.
[Full Text][Citation analysis] 167
1988 Financing vs. forgiving a debt overhang In: Journal of Development Economics.
[Full Text][Citation analysis] 139 -
Processes hundreds of kilometers beneath the surface of the earth is rather harder to observe than the factors causing a financial crisis, wouldn't you say?
How is this different from seismology? They can't predict jack$hit, but no one disputes that it's a science.