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Monday Sticky (self.badeconomics)

wumbotarianI want to be the Walrasian Auctioneer when I grow up[M] が 投稿 - stickied post

I can't think of anything to write.

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トップ新着論争中古い順Q&A

[–]IntegraldsI am the rep agent AMA 12ポイント13ポイント  (2子コメント)

Subfield Primers

Business Cycles

  1. Kydland and Prescott, Real Facts and a Monetary Myth. We need to start with data; this paper reviews the "business cycle facts." Don't let your eyes glaze over when you see the tables; they contain important information about volatilities, correlations, and autocorrelations.

  2. Romer and Romer, What Ends Recessions? This paper makes the case that monetary policy ended most recessions and contains a nice review of economic history in the US since 1945. Also read Cochrane's comments at the end.

  3. Cochrane, Shocks. This paper reviews what we know, and don't know, about the sources of business cycles. Also read Rotemberg's comment. A more up-to-date review is in Ramey's latest handbook chapter, due out next year. Both Cochrane's paper and Ramey's paper use vector autoregressions, which are the main tool used by macroeconomists to summarize macro data.

  4. Smets and Wouters, Shocks and Frictions. You're not getting out of here without reading a DSGE paper. This is the "standard medium scale model" and is notable for being one of the very few DSGE papers to make it into the AER.

Monetary Economics

  1. McCandless and Weber, Some Monetary Facts. This paper reviews the evidence for two key monetary propositions: the quantity theory linking M to P in the long run, and the neutrality proposition linking M to Y in the long run.

  2. Romer and Romer, A New Measure of Monetary Policy Shocks. This is, I think, our best evidence on the short-run effects of monetary policy shocks. Also read Cochrane's comments.

  3. Friedman, The Role of Monetary Policy. This one should speak for itself. Read every paragraph carefully.

  4. I already asked you to read Smets and Wouters, so this time I'll make you read Christiano, Eichenbaum,and Evans, Nominal Rigidities. This is the "other" medium-scale DSGE model used as a basis for policy analysis.

  5. Gali and Gertler, Macro Modelling for Policy Analysis, is a JEP that outlines some of the normative stuff we do. It also describes the New Keynesian model in AD/AS terms, which some might find helpful.

I think /u/commentsrus asked me to deliver on this last thread.

[–]commentsrusBring maymayday back! 1ポイント2ポイント  (1子コメント)

Let that be a lesson to all of you. Once a few more of you make these (if you do) I'll throw them up on the /r/EconPapers wiki to collect digital dust. Good luck!

[–]IntegraldsI am the rep agent AMA 0ポイント1ポイント  (0子コメント)

I'd like to outline my "vision" for this project.

Basically, it's ELIHAUD (thanks /u/wumbotarian) your subfield for people who aren't in your subfield, via 3-5 papers.

Intro:

Macroeconomists care about GDP. We care about other things, like unemployment, inflation, maybe even the stock market, to the extent that those things help us understand GDP.

GDP per capita grows over time. That's a big deal! It means that the average amount of food, light, heat, clothing, shelter, medical care, and amenities available to individuals rises. Why does GDP per capita grow over time? What, if anything, could lead it to stop growing? Are there policies that policymakers can undertake to make the growth rate faster? These are the questions that growth theory tries to answer.

GDP per capita grows, but does not grow smoothly. Sometimes, income per capita stops growing for a few years. Sometimes, employment falls for a few years before picking back up to trend. What causes these fluctuations? What, if anything, can (or should) policymakers do about them? These are the questions that business cycle macroeconomics tries to answer.

Since at least Hume, economists have noticed that money and output are highly positively correlated: in boom times, money is plentiful; in busts, money is scarce. What is the causal link among money, income, and prices? Micro theory suggests that changes in the money stock ought to be mere units changes, but it appears that money has real effects. Why? Are those effects exploitable? And why do we use money in the first place? What determines what goods are used as money? These are the questions monetary economics tries to answer.

The papers in my list outline some of the key data of macroeconomics, some of our answers to substantive questions, and the models we use to try to understand the macroeconomy.

[–]irondeepbicycleI got 99 problems but technological unemployment ain't one 7ポイント8ポイント  (13子コメント)

Man, I make a thread about trade and take a Reddit break for the evening, and when I get back there's a long discussion about feminism and triggering and PTSD and perceived racism. Can you not police yourselves, people!?

[–]HealthcareEconomist3Krugman Triggers Me 5ポイント6ポイント  (11子コメント)

More of note was when the post was made it included "Note: I don't think you meant any offense, but things started getting dicey down thread." there was nothing being discussed at all on these issues elsewhere in the thread, the one true macro god made a funny about how an idiot claimed economists oppose free trade triggered him and someone saw an attack on feminism.

I was the first person to show up and act like an asshole about it, the original slight was entirely imagined.

[–]irondeepbicycleI got 99 problems but technological unemployment ain't one 4ポイント5ポイント  (0子コメント)

I thought it was fun to read, for the record. I'm not really complaining, just observing how off topic the thread got.

[–]IntegraldsI am the rep agent AMA 4ポイント5ポイント  (0子コメント)

the one true macro god

brb updating my resume

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 1ポイント2ポイント  (0子コメント)

I was the first person to show up and act like an asshole about it

The Stackelberg Asshole

[–]0729370220937022 1ポイント2ポイント  (0子コメント)

That was probably the first time I've seen your comments down-voted on this sub. I didn't know /r/BE cared that much about that kind of stuff.

[–]wyman856People are horses 1ポイント2ポイント  (2子コメント)

After reading this in the sticky I went back and read over the thread. I wanted to thank you for all of the information you provided, as I came to realize I have virtually zero understanding of the actual psychology at work in regards to trigger warnings.

I went and read McNally in Pacific Standard in addition to everything you wrote.

In addition to besttrousers comments, I feel I have a much better understanding of the situation, which is admittedly somewhat easy to do when you're starting from zero knowledge, but I digress.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 3ポイント4ポイント  (1子コメント)

A discussion of trigger warnings results everyone slightly shifting their priors, or re-stating their arguments until agreement is reach.

Gold stars for everyone! Yay /r/badeconomics!

[–]wyman856People are horses 0ポイント1ポイント  (0子コメント)

Exchanges like that are why I have come to love this sub!

There are few places on the internet, let alone Reddit, where one of the sides of that argument would not have been purged into oblivion.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 2ポイント3ポイント  (3子コメント)

I really want to write something here, because I don't think that the second coming of Lucas was attacking feminism either, but anything I write will get me dragged into a discussion of feminism on the internet and to be honest I'd rather admit that MMTers are right than do that. I don't think anything fruitful will come from a discussion of feminism in /r/badeconomics.

[–]commentsrusBring maymayday back! 2ポイント3ポイント  (2子コメント)

I'd rather admit that MMTers are right

That's easy 'cuz they are.

#BringIt

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (1子コメント)

We are not starting another MMT vs. Real Economics fight in a sticky.

LTV sux. Come at me /r/socialism.

[–]irondeepbicycleI got 99 problems but technological unemployment ain't one 1ポイント2ポイント  (0子コメント)

Man at first I read that as "LVT sux" and I was about to go all Henry George on your ass.

[–]commentsrusBring maymayday back! 0ポイント1ポイント  (0子コメント)

I mean, eventually everyone started citing studies on triggering and it eventually came down to, "There is no consensus." So so very off topic from the OP, but I enjoyed reading it. I didn't know there were even studies on triggering.

[–]urnbabyurnNeoPanglossian 10ポイント11ポイント  (1子コメント)

Ashley Madison is hacked. Hopefully this will give us a nice big data set on how to not get caught cheating.

[–]commentsrusBring maymayday back! 2ポイント3ポイント  (0子コメント)

Cool. I was looking to break into that sub-field.

[–]NewmanTheScofflawGeorge Smiley 4ポイント5ポイント  (2子コメント)

Confirmed, my Monday is sticky. If only I could tax humidity.

[–]a_s_h_e_nA stable currency, like bitcoin 3ポイント4ポイント  (0子コメント)

tell me about it, the only break we get from the heat/humidity comes in the form of torrential downpours.

[–]commentsrusBring maymayday back! 2ポイント3ポイント  (0子コメント)

I think we need a New Keynesian climate model. Those darn classical climatologists won't admit the empirical reality that weather can be sticky.

I'm pretty hilarious.

[–]HealthcareEconomist3Krugman Triggers Me 4ポイント5ポイント  (1子コメント)

Something interesting to consider with the recent wave of drug decriminalization.

[–]irondeepbicycleI got 99 problems but technological unemployment ain't one 0ポイント1ポイント  (0子コメント)

In Utah, the push to legalize medical marijuana is by a state Senator who was on prescription opioids, and almost accidentally overdosed. He was rushed to the hospital and managed to survive. Then he drove to Colorado and started using weed, and now he's pushing for dispensaries in Utah.

[–]0729370220937022 3ポイント4ポイント  (6子コメント)

Can we talk about brigading? With /r/BE getting more popular we are starting to affect the linked comments vote totals more.

I know we use NP links but sometimes it seems like its not enough. Do you guys think we should do anything about this? If so, what do you think we should do?

[–]MildlyEoghanDon't Prax Me, Bro! 0ポイント1ポイント  (0子コメント)

You could prevent it almost entirely if you required screenshots of threads, and not direct links, but that would hamper the submission process.

[–]commentsrusBring maymayday back! 0ポイント1ポイント  (0子コメント)

There are reddit archive sites that archive threads given a link, but that creates a higher barrier to entry, and lately we've been seeing fewer posts here.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (3子コメント)

Is there evidence of brigading? I didn't think people did that on here - mostly because you can't fix stupid so the MB of brigading is greater than the MC of commenting/clicking the downvote button.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 1ポイント2ポイント  (2子コメント)

I do think that stuff in /r/economics gets downvoted after it gets linked here. Totally anecdotal.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (1子コメント)

Hmm, okay. I don't know how to enforce the no brigading rule.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 0ポイント1ポイント  (0子コメント)

I think Rule II is sufficient. Not much else you can do as a mod.

[–]Meta-Cognition"Neoclassical Bernankean shill" 3ポイント4ポイント  (3子コメント)

Currently arguing with two socialists on a student forum. As I did with the Austrian last time, I'll give you the highlights.

  • "People should suffer because that's capitalism". (In response to me calling him out for saying we should have no welfare, so people can see capitalism for what it is).

  • "It is a fantasy to suggest that the welfare state is sustainable in capitalism. It is not. It requires all means of production to be geared towards the well being of everyone in society".

  • "De-contextualization is a weapon of the capitalist".

  • "If you want capitalism. LET IT BE! DO NOT TRY TO STOP THE UNSTOPPABLE! PEOPLE WILL SUFFER! DEBT FUELED SPECULATIVE BUBBLES JUST DEFERS THE BUST TO THE FUTURE! THIS IS INEVITABLE! THE GOVERNMENT AND/OR THE PRIVATE SECTOR WILL FAIL! THEN THE IMF WILL COME AND MAKE SURE PEOPLE SUFFER! SO STOP PLAYING GAMES! SOCIALISM NOW OR REMOVE BENEFITS!". (Yes, he's serious).

  • "Economics is not a science like gravity is, it's incredibly subjective and people pretend that their own ideological opinions 'work best'. Socialism v capitalism is not a matter of fact but of ideology and which you prefer".

  • "How surprising that rich, right wing economists form a 'consensus' which just so happens to favour their own financial interests. How convenient. . .".

  • "I'm not that left wing, the fact you feel I am proves how right wing the consensus is".

  • "Your type economics has led to recession after recession, a huge surge in global inequality , a huge increase in global warming, war after war, and incredible corruption".

  • "Not to mention the fact that the huge majority who go into economics tend to be right wing to start and they 'surprisingly' find 'conclusions' that rubber stamp their ideological views".

  • "Morality is hugely subjective, what is 'moral' to one person may not be so to another. You can not say that the Nazi ideology is 'wrong' you can disagree with it as I vehemently do of course, but 'wrong' according to what? Morality? And who says we need morality in the first place etc?" (I include this only because I'm an ethical non-naturalist; morality is objective, fuck you).

  • "At the heart of socialism is a better community for everyone. At the heart of capitalism is personal greed- to make as much money as you can for the betterment of yourself".

  • "But please, stop pretending your views are economic fact, when they are infact just ideological opinions which you pretend 'work'".

Sometimes I'm genuinely surprised I'm not a rage-motivated serial killer.

[–]a_s_h_e_nA stable currency, like bitcoin 1ポイント2ポイント  (0子コメント)

a science like gravity is

funniest part, to me.

Good of you to balance your fights too.

[–]commentsrusBring maymayday back! 1ポイント2ポイント  (1子コメント)

Why do you even bother?

[–]Meta-Cognition"Neoclassical Bernankean shill" 0ポイント1ポイント  (0子コメント)

To be perfectly honest I don't know.

I'm pretty conservative on a fair amount of issues--social/cultural--so I can understand why people might see me as that whacky right-winger if they're coming from a solid left-wing perspective. But I try to be totally apolitical in approaching economics; I'm pretty close to the mainstream (although I jump around when it comes to the use of fiscal stimulus), and try to make that clear while always citing the empirical work.

But, of course, that isn't going to matter to a socialist. Especially not a socialist who thinks all economics comes from morally ambiguous right-wingers.

So I don't really know why I try. It's probably actually made me (even more of a) cynical, irritated person. After his most recent response I just said "Yeah, this conversation is going nowhere" and ended it. But I hate that because I know he's going to get all sanctimonious about defeating teh evul capitulist pug.

[–]devinejohSecretary of the Bitcoin Treasury 2ポイント3ポイント  (1子コメント)

I had no idea that the soctratic method can piss people off so much.

http://www.reddit.com/r/Economics/comments/3dthap/why_americas_obsession_with_stem_education_is/ct8ry7j

[–]commentsrusBring maymayday back! 1ポイント2ポイント  (0子コメント)

Geez, low blows all around.

[–]UltSomnia 1ポイント2ポイント  (0子コメント)

Reminder that crash course economics is now a thing with a juicy comments section.

[–]dagio_ 0ポイント1ポイント  (0子コメント)

Over an hour later and neither the Botswana nor Namibia statistics office websites will load. Happy Monday.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (6子コメント)

Just gonna repost something I wrote in the old thread, which got buried in over 300 comments so I don't know if many people saw it.

So apparently my comment here was reported (twice) for basically being misogynistic.

I don't know if they were troll reports, but if they aren't I am sorry if I offended anyone.

Didn't mean to offend anyone, sorry if I did.

[–]MildlyEoghanDon't Prax Me, Bro! 0ポイント1ポイント  (3子コメント)

There's nothing misogynistic about it. Can't think why it would be reported.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (2子コメント)

One of the reports didn't appreciate the 4chan meme of "gril". I didn't think I was being misogynistic either.

[–]MildlyEoghanDon't Prax Me, Bro! 0ポイント1ポイント  (1子コメント)

I thought that was just a typo, I'm not home with the downies apparently.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (0子コメント)

Hahaha. Yeah "gril" is a typo for girl. But it is spelled incorrectly on purpose to be a meme.

[–]irwin08Milton Friedman predicted Bitcoin 0ポイント1ポイント  (1子コメント)

Wumbo you need to stop mansplaining and check your god-damned privilege! /s

[–]Meta-Cognition"Neoclassical Bernankean shill" 1ポイント2ポイント  (1子コメント)

I also have a question about the balance of trade.

I know the general approach is just to 'ignore' it as a comparatively small issue, but does it actually have any impact on policy? Is it worth correcting.

[–]MildlyEoghanDon't Prax Me, Bro! 0ポイント1ポイント  (1子コメント)

I like the idea of throwing out little quiz questions in these threads.

In the IS-LM framework, what are the implications for fiscal policy as a result of over estimating income elasticity of demand for money?

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (0子コメント)

Trick question: IS-LM is a lie. Nice try, Keynesian shill!

[–]wyman856People are horses 0ポイント1ポイント  (1子コメント)

Not only are robots stealing hotel employees' jobs, but they're doing so as dinosaurs!

People may be horses, but we are not dinos! Man can never compete!ubi plz

[–]commentsrusBring maymayday back! 0ポイント1ポイント  (1子コメント)

I got a lot of great feedback about the OC I made on /r/EconPapers. Does anyone here want to do something similar? It doesn't have to be as long as mine, but a little survey of some interesting lit would be cool. Any ideas? Literally any OC is welcome there.

/u/wumbotarian, do you want to talk about your senior thesis on there? Or you could do what I did, not talk about your thesis but cover the lit related to your topic.

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (0子コメント)

I could definitely do a lit review/talk about my senior thesis.

That being said, some of the econometrics in my lit review is over my own head. I'd be able to summarize it all, but I wouldn't be able to explain it in detail.

My topic is also not as interesting as yours. No one cares about the Fisher effect (except me, because teasing out the Fisher effect from data is damn fucking hard) - everyone thinks it is true . But I can write something up, if you want. Hopefully it'll generate interest in /r/EconPapers.