Roger Farmer's Comments On The Natural Rate Of Unemployment — Brian Romanchuk One of my concerns about mainstream economic methodology is the dependence upon hidden variables that are estimated with techniques like the Kalman Filter. The issue is that the resulting methodology is non-falsifiable: it will always end up being consistent with any observed data (admittedly, some outright bizarre behaviour might be rejected). Although this might appear to be my own hobby horse, I just want to note that I was not the first person to make such a complaint. Various heterodox authors have levelled similar complaints, but my feeling they have done so in such a long-winded fashion that non-heterodox readers like myself have a very hard time picking out what is a straightforward -- but important --
Roger Farmer considers the following as important:
This could be interesting, too:
Menzie Chinn writes Business Cycle Indicators as of November 25th
Menzie Chinn writes Covid-19 Weekly Fatalities and Excess Fatalities, as of November 25
Timothy Taylor writes What If All Jobs Were Potentially Part-time?
FT Alphaville writes Maradona’s contribution to monetary theory