Thursday, September 18, 2014

Guest Post at Miles Kimball's on Wallace Neutrality in Theory and Practice

University of Michigan economist Miles Kimball was kind enough to ask me to comment on a recent Twitter discussion he had with Berkeley economist Brad DeLong and Stony Brooke economist Noah Smith on Wallace neutrality. He was specifically concerned with how I would answer the question, Does Wallace neutrality result from (in theory) fiscal policy canceling out the Fed, or many private agents (the minnows) canceling out the Fed (the whale)? My answer, and more, is here.

2 comments:

isomorphismes said...

Just leaving a comment here because it's the top post linked from your comment here:

http://voxeu.org/article/education-does-not-produce-pecuniary-externalities

Thank you for bringing up crime in that comment. Totally agree with what you said; his headline was outrageous.

Education may kill creativity, do absolutely nothing for productivity, and epsilon squared for the productivity of your co-workers, but it certainly teaches you to sit still in a chair instead of beating up the people around you.

Richard H. Serlin said...

Thanks. That was an epic comment. It was my early days in the blogosphere. Plus, their conclusions from model to reality were so dangerously wrong and misleading.