Tagged: Macroeconomics

Policymaking when you don’t know where you are - The Dismal Science

Donal Curtin Mar 11, 2015

Last week the Reserve Bank published the latest in its Analytical Note series, 'The Reserve Bank’s method of estimating “potential output”' (pdf here). If you're into macroeconomics in general or monetary policy in particular, you probably don't need your hand held about what potential output, and the output gap, are, but in case it's passed you by, the Note … Read More

The Economist’s misguided lecture to macroeconomists - The Dismal Science

James Zuccollo Jan 19, 2015

In a bizarre leader article The Economist praises microeconomists for their use of data to better predict people’s behaviour and recommend macroeconomists do the same: Macroeconomists are puritans, creating theoretical models before testing them against data. The new breed [of microeconomists] ignore the whiteboard, chucking numbers together and letting computers spot the patterns. And macroeconomists […] … Read More

On GDP and policy - The Dismal Science

Matt Nolan Feb 17, 2014

Excellent article over at Aeon (we linked to earlier in the week, but it deserves its own post), I’d suggest you head over and give it a read.  To quote one passage: Kuznets lost the argument about measuring social welfare over economic activity back in the 1930s. Now it’s time to put these two concepts in […] … Read More