Big Moves in the Market

[taka_sukunami]

Originally Posted by Mr.Keen

Harvard, no thanks. MIT will always be MIT.

Agree.

[Antichron]

Originally Posted by Mr.Keen

Harvard, no thanks. MIT will always be MIT.

Nice!

[Tatonnement]

Originally Posted by zsla

Guys are you sure that Minnesota people do not do empirical work? What do you mean by empirical work? Do you think that the empirical view is about throwing regressions only? If you are talking about research based on observed phenomena and experiments, dynamic macro has a lot of experimental view in it since each calibrating set of parameters will possibly represent another observed pattern. Yes it is true that you are not estimating the models with econometric tools. But, you know, you can still work with an empirical focus even in Minnesota.

Oops, I have just seen Mr.Keen's parallel comments

There is a distinction between quantitative work, i.e. calibration, and empirical work, i.e. estimation. Minnesota (or at least many there) place a high value on the former, with the very casual evaluation that it entails, and very little on the latter, which is more serious about inference. For a leading example, see the recent VAR debates. This means that econometric work tends to be strongly devalued, to the extent that Minnesota has had a hard time even staffing basic econometrics. Now this may or may not be a good development, and it certainly makes sense for different departments to have different characteristics. But caveat discipulus.

[jahizbarlas]

Originally Posted by Tatonnement

There is a distinction between quantitative work, i.e. calibration, and empirical work, i.e. estimation. Minnesota (or at least many there) place a high value on the former, with the very casual evaluation that it entails, and very little on the latter, which is more serious about inference. For a leading example, see the recent VAR debates. This means that econometric work tends to be strongly devalued, to the extent that Minnesota has had a hard time even staffing basic econometrics. Now this may or may not be a good development, and it certainly makes sense for different departments to have different characteristics. But caveat discipulus.

im sure you know this, but ill still say it.
it wasnt the fact that minnesota wasnt able to get econometricians. it was more so that there was a former faculty member who didnt let them stay and thus slowly and gradually the econometricians stopped wanting to come.
but now we hired a few young guys and things will prob change...

[Weary]

Originally Posted by jahizbarlas

there was a former faculty member who didnt let them stay

who`s that genius?

[zsla]

Originally Posted by Weary

who`s that genius?

Oh man, he is genius ! A real one.

[Olm]

This is a great thread that deserves to be bumped.

[Abdullak]

X. Chen and E. Vytlacil are going to YALE. Probably the best place in Econometrics right now.

[Golden Rule]

Originally Posted by Abdullak

X. Chen and E. Vytlacil are going to YALE. Probably the best place in Econometrics right now.

I can confirm Vytlacil to Yale as well. Good for him, clearly Yale is the place to be for his field.

[Guest Who]

Originally Posted by Abdullak

X. Chen and E. Vytlacil are going to YALE. Probably the best place in Econometrics right now.

The Chen part is not new news. (Or, at least seeing how she's a UCSD grad, we've known about that for a while.)

Yale has always been one of the strongest econometrics programs in the world (certainly top three) but I don't see how one can say any program is better than another within this subset: just different points on the same indifference curve.