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Macroeconomics is the study of the entire economy. It looks at how different sectors of the economy interact, how the government affects the economy, and how different economic policies can impact the economy. Macroeconomics focuses on the big picture and can help governments create policies to increase economic growth and reduce poverty. Macroeconomists analyze data from the government, businesses, and individuals to understand how the economy is working and how it can be improved. The news, articles, and videos below provide information about macroeconomics and the current state of the economy. Learn about the different economic policies being implemented around the world and how different countries are dealing with economic issues.
1. What is the “robustness reproducibility” of articles in the AER? Twitter thread here. 2. New Thomas Sargent paper “Macroeconomics after Lucas.” And how to be respected as a teen girl. 3. Why is myopia sweeping the world? Real myopia, not the behavioral econ stuff. 4. “Renewables and nuclear power generated 49.4% of USA’s electricity […]
We study the macroeconomic implications of narratives, defined as beliefs about the economy that spread contagiously. In an otherwise standard business-cycle model, narratives generate persistent and belief-driven fluctuations. Sufficiently contagious narratives can “go viral,” generating hysteresis in the model’s unique equilibrium. Empirically, we use natural-language-processing methods to measure firms’ narratives. Consistent with the theory, narratives […]
At a recent blogger conference, I was asked to name the most important paper published in my field (which is macroeconomics) over the past ten years. I couldn’t think of any. In one sense, that’s a reflection of the fact that the field has moved on from the 20th century macro research with which I […]
Prof Dilip Nachane in this IGIDR paper writes about the neglected bontributions of R.G.Hawtrey to macroeconomics: In the inter war years (1919-39) macroeconomics was at the forefront of attention of both thinkers as well as policymakers. This paper focuses on Hawtrey, one of the major economists of that period whose contemporary influence on macroeconomic theory…
The published version of the article is now available on the Economic Afairs website https://onlinelibrary.wiley.com/toc/14680270/2024/44/2. Here's the abstract: This article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. Unlike Milton Friedman's US-centred explanation of the Great Depression,…
Happy 4th of July to everyone---especially to my stepfather, who earned a Purple Heart in Okinawa. Consider the following two definitions of macroeconomics:1. Macro is the study of aggregate economic variables, including inflation, real output, unemployment, interest rates and exchange rates.2. Macro studies the effects of the market for the medium of account, in a world of nominal contracts. The first definition
In this episode of Excess Returns, we dive deep into the world of macroeconomics with Bob Elliott of Unlimited Funds. We explore a wide range of topics, including inflation, the Federal Reserve’s policies, and the overall state of the economy. Bob shares his insights on how market price targets can be evaluated from a fundamental perspective and discusses the role of gold in a diversified portfolio. We also touch on the complexities of investing in… Read More
Everyone’s heard of micro- and macroeconomics. The two terms are so deeply ingrained in the world of economics that even lay people generally know what they refer to. Almost everything economists analyze can be arguably given one of these labels.
In recent years, I’ve become depressed by the state of research in macroeconomics. I find many new research papers to be almost unreadable. Perhaps this reflects the fact that my own work is increasingly outside the mainstream. Thus I was very pleasantly surprised to see a new paper by Tom Holden that embraces many of […]
I think it is pretty clear to everybody who follows this blog and follows me on social media that I am deeply fascinated by AI and how we can use, for example, Large Language Models in economic research—and I am eager to spread the gospel. Today, I spent a couple of hours building a simple…