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Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

Summary:
Peter Dixon wrote a nice piece about my work … To which I responded …. David Glasner weighs in with the view that the Phillips Curve is not a structural relationship. Here is my response. And Stephen Williamson and Jorge Miranda-Pinto tell us that they have not been teaching the Phillips Curve as a structural ...

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Peter Dixon wrote a nice piece about my work …

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

To which I responded ….

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

David Glasner weighs in with the view that the Phillips Curve is not a structural relationship.

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

Here is my response.

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model. Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

And Stephen Williamson and Jorge Miranda-Pinto tell us that they have not been teaching the Phillips Curve as a structural equation for some time.

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model. Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

What are macroeconomists currently teaching their students? Time to teach a credible alternative to the NK Phillips Curve.

Here is me responding to David Glasner …

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model. Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

In the following tweet, David responds using the language of the outdated IS-LM model.

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model. Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

As I explain below …, this is not a good answer.

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.

David sees IS-LM as a ‘convenience’ …

I want more. I want to see what’s under the hood. This is what’s under my hood … the IS-LM-NAC model and how to use it ….

Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model. Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model. Replacing the Phillips Curve: I showed you my macro model. Now show me your macro model.
Roger Farmer
ROGER E. A. FARMER is a Distinguished Professor of Economics at UCLA and served as Department Chair from July 2008 through December 2012. He was the Senior Houblon-Norman Fellow at the Bank of England, January-December 2013.

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