The Convergence Club

Time Magazine · 25-01-2010 4:46pm #1

This thread is for general chatting, primarily to prevent other threads from going off-topic.

Two gold stars for the person who comes up with the best name for the thread.

Économiste Monétaire · 06-02-2010 12:41am

The Maths & Econ TSM is an awesome combination. Gold standard for courses available in Ireland. Such distinguished members as:

I sometimes wonder what it must be like inside Prof. Whelan's brain. Someday I may steal it.

Time Magazine · 06-02-2010 12:44am

Let's not forget Kevin:

Flamed Diving · 06-02-2010 12:47am

Time Magazine wrote: »

Another excellent service prompted by the constant complaining of yours truly :pac:

Pah! I began the rebellion that led to the exodus of this forum from 'biz' to 'science' (via 'soc'). There should be a statue of me in the foyer...

Économiste Monétaire · 06-02-2010 12:49am

Philip Lane too? I think they all have gold medals.

Philip%20Lane%20photo.jpg

Économiste Monétaire · 06-02-2010 12:53am

Flamed Diving wrote: »

Pah! I began the rebellion that led to the exodus of this forum from 'biz' to 'science' (via 'soc'). There should be a statue of me in the foyer...

There was an influx of idiots when we moved to Soc, though. I demand compensation! At least we're in Science, near Physics, where we belong

(wait for the 'pseudo-science' comments...)

Time Magazine · 06-02-2010 12:56am

Lane, Morgan Kelly and Paul Devereux did BESS.

Économiste Monétaire · 06-02-2010 1:00am

Tending towards disequilibrium? Maximising your pleasure, minimising my effort?

Flamed Diving · 06-02-2010 1:11am

Économiste Monétaire wrote: »

There was an influx of idiots when we moved to Soc, though. I demand compensation! At least we're in Science, near Physics, where we belong (wait for the 'pseudo-science' comments...)

Yeah, but I am quoted as saying that our chances of being moved to Soc were better, from there we could launch to Science.

It was visionary...

:pac:

rubensni · 06-02-2010 1:23am

Économiste Monétaire wrote: »

At least we're in Science, near Physics, where we belong (wait for the 'pseudo-science' comments...

Schoolchild asked to fill in the blanks: Economics is a ________ science.
Kid puts down dismal

Économiste Monétaire · 06-02-2010 2:07pm

Flamed Diving wrote: »

Yeah, but I am quoted as saying that our chances of being moved to Soc were better, from there we could launch to Science.

It was visionary...

:pac:

Like Moses, leading to the way to the promised land of Science > Economics :pac:.

On the theme of general chat, I believe Romer is updating his macro book. Let another generation test the extent of their nerdiness.

Time Magazine · 06-02-2010 2:27pm

Pfft, Acemoglu all the way.

Économiste Monétaire · 06-02-2010 3:24pm

Does Acemoglu use a lot of stochastic calculus in that book?

Flamed Diving · 06-02-2010 3:29pm

Here is a peek:

http://press.princeton.edu/chapters/s8764.pdf

Économiste Monétaire · 06-02-2010 3:53pm

Quite similar to Barro's book but broader in scope from looking at the TOC.

Time Magazine · 06-02-2010 4:19pm

Much more depth than Barro, too. Barro is an undergrad textbook, this is a Mas-Colell that doesn't assume you know differential calculus and topology.

Joe1919 · 06-02-2010 4:33pm

Économiste Monétaire wrote: »

There was an influx of idiots when we moved to Soc, though. I demand compensation! At least we're in Science, near Physics, where we belong (wait for the 'pseudo-science' comments...)

Perhaps 'Economics' along with 'Politics' should be moved closer to the 'Religion' forum.

http://www.psupress.org/Justataste/samplechapters/justatasteRNelson.html
http://press.princeton.edu/chapters/s8195.html

PS I could not resist...

Économiste Monétaire · 06-02-2010 4:41pm

Time Magazine wrote: »

Much more depth than Barro, too. Barro is an undergrad textbook, this is a Mas-Colell that doesn't assume you know differential calculus and topology.

I wouldn't call Barro's growth book an undergrad book per se; maybe final-year undergrad with some knowledge of optimal control. Ugh, Mas-Colell. This is a nice micro book:

http://www.amazon.co.uk/Advanced-Microeconomic-Theory-International-Geoffrey/dp/0321204530/

Time Magazine · 07-02-2010 10:55pm

Économiste Monétaire wrote: »

I wouldn't call Barro's growth book an undergrad book per se; maybe final-year undergrad with some knowledge of optimal control. Ugh, Mas-Colell. This is a nice micro book:

http://www.amazon.co.uk/Advanced-Microeconomic-Theory-International-Geoffrey/dp/0321204530/

Ah, thought you meant Barro's general macro book.

Time Magazine · 12-02-2010 11:18am

13,870,517 observations. Big dataset.

Économiste Monétaire · 12-02-2010 12:38pm

Household panel data?

12-02-2010 1:10pm

Time Magazine wrote: »

13,870,517 observations. Big dataset.

Run regression

Get Coffee
Clean desk
Get Coffee
Chat
Lunch
Coffee
Gym

Check results - fix error

Run Regression

repeat above!

Time Magazine · 12-02-2010 5:41pm

Économiste Monétaire wrote: »

Household panel data?

Repeated census samples.

Deleted User wrote: »

Run regression

Get Coffee
Clean desk
Get Coffee
Chat
Lunch
Coffee
Gym

Check results - fix error

Run Regression

repeat above!

Pfft, how inefficient your methods are :P.

Drop the vast majority of observations to get your n down to about 50,000
Run regression
Correct errors
Re-instate original n
Run regression
Gym
Check results

leninbenjamin · 12-02-2010 6:54pm

Time Magazine wrote: »

Repeated census samples.

Pfft, how inefficient your methods are :P.

Drop the vast majority of observations to get your n down to about 50,000
Run regression
Correct errors
Re-instate original n
Run regression
Gym
Check results

Better yet, fob it off on undergrads as 'coursework.' Go home for the day

Économiste Monétaire · 12-02-2010 10:09pm

Via the IE blog: Rethinking Macroeconomic Policy, by Blanchard et al.

12-02-2010 11:57pm

Économiste Monétaire wrote: »

Via the IE blog: Rethinking Macroeconomic Policy, by Blanchard et al.

Can't read it tonight - will do tomorrow.

However - is Blanchard retracting his 'that state of macro is ok' line?

Économiste Monétaire · 13-02-2010 2:02am

Deleted User wrote: »

Can't read it tonight - will do tomorrow.

However - is Blanchard retracting his 'that state of macro is ok' line?

It's more a policy paper than the 'state of macro' paper; he doesn't really criticise macroeconomists. It's quite short and focuses on issues such as: the new monetary policy tools to intervene more directly in credit markets and whether they should be kept in some manner; the role of fiscal policy and (more efficient) automatic stabilisers; whether inflation targets should be increased above the current 2%; regulation of banks; and interventions in forex.

BESman · 13-02-2010 6:09pm

Économiste Monétaire wrote: »

Via the IE blog: Rethinking Macroeconomic Policy, by Blanchard et al.

Interesting paper, some points in particular:

The need for more nominal interest rate room. The zero nominal interest rate bound limits the scope of monetary policy to take extreme corrective action in a deep recession or crisis. Central banks quickly cut their rates to zero from about 2%, not enough of a cut. Should central banks allow higher average inflation rates in good times and therefore higher nominal interest rates so that rates can be cut more in a recession and have a more dramatic effect? Methinks yes...
The reemergence of fiscal policy as an important tool. It appears that in deep recessions, fiscal policy has more time to be effective, especially when monetary policy has reached its limits.
Combining cyclical regulatory tools (regulatory capital ratios, regulatory liquidity ratios, loan to value ratios, margin requirements) with monetary policy tools to target asset price bubbles. Seems like a good approach.
Designing better automatic fiscal stabilisers. Temporary tax policies (flat refundable tax rebate, temporary transfers) that would be linked to some macro variable threshold such as unemployment. These kind of stabilisers would act immediately.

Any thoughts on the above? Good research topics there....

Économiste Monétaire · 18-02-2010 12:22am

Eleven lessons from Iceland via Vox.

Économiste Monétaire · 19-02-2010 12:57am

Deleted User wrote: »

Can't read it tonight - will do tomorrow.

However - is Blanchard retracting his 'that state of macro is ok' line?

I'm not sure if you've read this, but you may also be interested in Woodford's '08 piece (à la Mankiw): 'Elements of the New Synthesis'

http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf

Flamed Diving · 19-02-2010 12:29pm

Time Magazine wrote: »

This thread is for general chatting, primarily to prevent other threads from going off-topic.

Two gold stars for the person who comes up with the best name for the thread.

The Convergence Club?

Time Magazine · 19-02-2010 1:03pm

Flamed Diving wrote: »

The Convergence Club?

"Convergence. Period."
"The Cluster"
"The Cauchy Sequence, N > m,n"

Flamed Diving · 19-02-2010 1:09pm

yay!

Économiste Monétaire · 01-04-2010 1:07pm

Économiste Monétaire · 01-04-2010 2:50pm

Ireland gets a bailout...

...from the Leprechaun community.

The Leprechaun community is to give its pots of gold to the Government to help cover the cost of recapitalising the banks.

The financial crisis is expected to cost billions so Taoiseach Brian Cowen and Minister for Finance Brian Lenihan have been looking for ways to ease the burden on taxpayers.

The two men travelled to the ends of the rainbow to persuade Leprechaun leaders to invest in the country's future.

In return for donating the pots of gold to the State coffers, Leprechaun leaders have asked for land in west Clare to create their own reserve.
The final deal was brokered on St Patrick's Day when US President Barack Obama invited Leprechaun leaders to the White House for talks.

UN Leprechaun Ambassador Bono, who is partial to a good cause, was also present at the talks, where he called for the rights of Leprechauns to be fully recognised by the State.

There was once a larger Leprechaun population in Ireland but they were culled by Oliver Cromwell in the 1640s.

Leprechaun leader Hairy Twinkletoes O'Shaughnessy said: 'Top of the morning to ya. Bejaysus and Begorrah. 'Tis a soft day afterall.'

Taoiseach Brian Cowen said he welcomed the deal and was grateful for the Leprechaun intervention in saving the country from financial meltdown.

Mr Cowen also said that the Government was discussing plans to introduce an extra bank holiday.

He said that the banks could do less damage to the economy if there were more holidays.

http://www.rte.ie/news/2010/0401/aprilfools.html

Time Magazine · 01-04-2010 3:11pm

Glad to see this piece of fantasy is above Blair Horan and his mythical pot of gold in the 'Most Read' list.

01-04-2010 4:52pm

I love that closing line.

Économiste Monétaire · 02-04-2010 3:08pm

Via Makiw, Robert Barro on 5 books (well, 2 books and 3 papers) to read about the great depression and the ongoing debate about fiscal stimulus:

http://five-books.com/interviews/robert-barro

noodler · 02-04-2010 9:29pm

This thread derives me crazy.

More of you guys is always better.

Blatantly stolen fromt he chat-up lines but I love them!

Time Magazine · 11-04-2010 9:42pm

Anonymous1987 · 11-04-2010 10:46pm

Time Magazine wrote: »

WTF? has the stress of moderating economics gotten to you?

Time Magazine · 11-04-2010 11:49pm

Anonymous1987 wrote: »

WTF? has the stress of moderating economics gotten to you?

It's an old internet meme. Someone would post

and the appropriate reply was

.

I dunno about anyone else, but I see a similarity between Prof Heckman and the YA RLY owl.

So maybe the stress of moderating has gotten to me.

Anonymous1987 · 12-04-2010 8:16pm

Time Magazine wrote: »

It's an old internet meme. Someone would post and the appropriate reply was .

I dunno about anyone else, but I see a similarity between Prof Heckman and the YA RLY owl.

So maybe the stress of moderating has gotten to me.

I see... personally when I saw the following, a certain economist instantly sprung to mind. (WARNING! some posters may find the following offensively cringeworthy)

Keynes was always an odd "owl" fella :pac: