Monday, October 10, 2011
Sims and Sargent
Minnesota Rules (that's where I live)! My favorite Sargent paper shows a model where even when inflation is a strictly monetary phenomenon, inflation it is really, in the long run, a fiscal phenomenon.
Chris Sims--who I've mentioned several times on this blog--is here. He basically destroyed interest in large-scale-macro-models, at least for anyone graduating subsequent to his seminal papers.
They will certainly help increase the Nobel Laureate signal/noise ratio, which currently is on par with those 'anarchists for big government' protesters. Though Sargent is, fundamentally, a macroeconomist, which means he says many silly things.
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How would Sargent explain Japan oer the last two decades?
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