Best U.S. departments in DSGE and New Keynesian Models

[Gecko]

someone correct me if I am wrong:

Northwestern is new classical - their DSGE looks at incorporating frictions into their framework but not the New Keynesian type of rigidities that result from coordination failure and sunspots..

[ssendam]

Northwestern is also excellent for DSGE, Christiano is a veritable factory of DSGE papers.

Though I do find it ironic that people still point to the nominal friction thing as the key divide. Remember the financial crisis? Neither fresh nor saltwater models have financial risk.

[beagle07]

Originally Posted by Adamo Smith

However what do you think about Northwestern University (Evanston , Illinois) and prof. Lawrence Christiano? He is actually visiting Europe twice a year and teaching intensive course in DSGE and DYNARE at Tinbergen Institute in Amsterdam and also collaborates with main NKM brains in Europe such as Gali Jordi of Pompeu Fabra.

Could Northwestern compete with NYU and Columbia within NKM framework?

I think NW is a great place to do DSGE, and I am sure you can do New Keynesian research there, whereas you would probably have a hard time basing your research on "Interest and Prices" at Minnesota. I didn't mention NW before because I don't think it is as overtly New Keynesian as NYU and Columbia.

[Gecko]

funny i thought NYU is new classical - with sargent and the likes..

[italos]

Columbia for sure with Woodford' s Central Banking reaching to an end after the last turmoil...Then NWU, UMN and NYU(Sargent is an interpolate value)!

[italos]

Originally Posted by Gecko

UPenn too

Who is doing DSGE at Pen?

[siggymundy]

Originally Posted by italos

Who is doing DSGE at Pen?

Frank Schofheide, Jesus Fernandez-Villaverde. Penn is especially attractive in terms of taking statistical validity seriously when doing DSGE. The former is one of the pioneers in Bayesian DSGE, while the latter is doing system-based likelihood estimation stuff.

[Adamo Smith]

Ok guys, thank you all for your thoughts.

so it seems me that I could have 4-5 choices, namely: NYU, Coumbia, Upenn, NWU, Minnesota, despite some slight differences within the method the best people in DSGE's and New Keynesian Models seem to be there

However I have two more pragmatic questions now. I am already a PhD student in U.K., unfortunately in a crap department with little opportunities both now and after the PhD (I applied late last year and got this as a last resort solution). In addition the PhD is about some empirical work in Micro that are yes interesting cause of Econometrics but little motivating cause of the Micro stuff. Therefore I am pondering to change. However I still have to do the GRE, planning to do it around mid-December so Universities will get the results mid-January, the point is that deadlines for applications are 15 December more or less everywhere. I am afraid that I could loose the scholarship or don't be considered at all if they got the GRE mid January. What are your thoughts and experiences with admission processes in this case, do I risk with a late GRE submission? I was wondering, since the admissions are communicated in February or later I believe that there is no problem. Moreover it seems me strange that they work before christmas on admissions and I don't think they review applications before January.

Another point, shall I mention in my CV and statement of purpose that I am a PhD student and therefore have one year PhD research experience, could this harm in the application process cause of dual PhD basically.

Apology for ruin the topic, however I posted it and felt free to ask somehow

Best

[Tex Jansen]

Your list of five schools reads more like a list of top neo-classical macro schools. Columbia belongs. The other 4 are not really New Keynesian.

DSGE is so broad as to cover almost all modern short run macro. Schforheide is really good, but even though he has estimated NK models, his main focus is on the development of the needed Bayesian tools. Otherwise Penn is neo-classical. When I think NYU, I think of Sargent, who is in no way New Keynesian. Calling Minnesota New Keynesian is a bit like calling Steve Leavitt a high brow macro theorist. NWU is also more neo-classical.

[Adamo Smith]

Originally Posted by Tex Jansen

Your list of five schools reads more like a list of top neo-classical macro schools. Columbia belongs. The other 4 are not really New Keynesian.

DSGE is so broad as to cover almost all modern short run macro. Schforheide is really good, but even though he has estimated NK models, his main focus is on the development of the needed Bayesian tools. Otherwise Penn is neo-classical. When I think NYU, I think of Sargent, who is in no way New Keynesian. Calling Minnesota New Keynesian is a bit like calling Steve Leavitt a high brow macro theorist. NWU is also more neo-classical.

You are right but I believe that this strict classification that you are doing matters a little in reality. Once you are a PHd student none forbids you to apply DSGE to NK framework, the point is to find good DSGE and MacroDynamics schools. Inside UPenn you can find professors that do NK as well, I believe that "Neo-classical" departments are not recruiting professors on the basis of their models, in the sense if you did neo-classical works yes if not go away, everyone is aware of loopholes and assumptions within each of this models and the choice in the end is just a matter of what you really want to show in your paper.