Must-Reads: September 23, 2016
- Marc Dordal i Carreras, Olivier Coibion, Yuriy Gorodnichenko, and Johannes Wieland: Rethinking Inflation Targets for Long ZLB Episodes: The estimated frequencies and durations are quite sensitive to individual country experiences…
- Robert Novy-Marx: Is Momentum Really Momentum?: Momentum is primarily driven by firms’ performance 12 to seven months prior to portfolio formation…
- Storify: DSGE as a Degenerating Research Program in Lakatosian Terms: Brad DeLong and Friends…
- Paul De Grauwe and Yuemei Ji: Animal spirits and the optimal level of the inflation target: Low inflation targets can cause economies to hit the zero lower bound during deflationary periods caused by even mild shocks…
- Duncan Black: The Ad Cycle: I thought it would’ve reset by now, but the internet just keeps getting worse and worse…
- Anna Valero and John van Reenen: The Economic Impact of Universities: Evidence from Across the Globe: 15,000 universities in about 1,500 regions across 78 countries, some dating back to the 11th Century….
- Ernesto Dal Bo, Pablo Hernandez, and Sebastian Mazzuca: The Paradox of Civilization: Pre-Institutional Sources of Security and Prosperity: The rise of civilizations involved the dual emergence of economies that could produce surplus (“prosperity”) and states that could protect surplus (“security”)…
- Cyrus Farivar: As Kuwait imposes world’s first DNA collection law, attorney tries to fight it
- John Timmer: Humanity left Africa in one big surge
Should Reads:
- Jim O’Neill and Eric Goosby: On Antimicrobial Resistance, It’s Now or Never
- Simon Wren-Lewis: Paul Romer on Macroeconomics: “The microfoundations project, which was meant to make macro just another application of microeconomics, has left macroeconomics with very few friends among other economists. The latest broadside comes from Paul Romer.
- John Follain: Austerity Only Benefits Germany and Destroys Europe, Renzi Says
- Ben Bernanke: Should the Fed keep its balance sheet large?
- Rob Stavins: A Key Moment for California Climate Policy
- Narayana Kocherlakota (2009): Modern Macroeconomic Models as Tools for Economic Policy
- Arvind Subramanian: Guarded optimism beats gloom for emerging economies: For the longue durée, promise still beckons for the developing world…
- Willem Buiter (2009): The Unfortunate Uselessness of Most ‘State of the Art’ Academic Monetary Economics: If one were to hold one’s nose and agree to play with the New Classical or New Keynesian complete markets toolkit, it would soon become clear that any potentially policy-relevant model would be highly non-linear….
- Comment of the Day: Kaleberg: AI
- Comment of the Day: Invhand: Musings on “Just Deserts” and the Opening of Plato’s Republic
- The Long-Run Economic Trend Is Our Friend: No Longer so Fresh at Project Syndicate