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Sam_Jackson · 03-19-2008, 06:39 PM

You make a convincing argument!

assetprice · 03-19-2008, 08:14 PM

Since Reis arrived in Princeton, he has produced essentially nothing. He's written countless papers on sticky information, which are hardly cited and are about as interesting as watching paint dry. (Do readers of this thread really believe information is sticky? Thought so). [inappropriate comment deleted by moderator]
Frankly, Im not quite sure why Columbia hired him at all.

asquare · 03-19-2008, 08:17 PM

assetprice, you can offer your opinion about research by Reis or other economists. But please don't make personal statements. For more information, see Erin's description of the "issues, not individuals (Issues, not individuals--no libel or slander, please)" policy on this forum.

econphilomath · 03-19-2008, 08:36 PM

Quote:

Originally Posted by assetprice

Since Reis arrived in Princeton, he has produced essentially nothing. He's written countless papers on sticky information, which are hardly cited and are about as interesting as watching paint dry. (Do readers of this thread really believe information is sticky? Thought so). [inappropriate comment deleted by moderator]
Frankly, Im not quite sure why Columbia hired him at all.

I actually believe modeling information as "sticky" is a lot more appealing than assume it arrives randomly. Even though the name is more marketing than really new, endogenously modeling when people acquire information in an easy way is actually really useful when it allows you to introduce it into a bigger monetary models. I must say that I liked the earlier stuff more but still.

For me at least the idea of endogenizing lambda in price setting models is a natural and intuitive step, at least more than firms randomly changing their prices. If uncertainty rises, firms will optimally acquire information and set prices more frequently. Without being an expert I enjoyed reading his papers even if it wasn't exactly what I wanted to see. There are some problems with matching the data so far and maybe he has oversimplified some aspects but still, it was a breath of fresh air at least for me. You obviously don't seem to think that.

If you type "sticky information" in google you will find a ton of papers so I'm not sure about how terrible awful this guy actually is in terms of citations and general relevance in the area. Agree or not with the idea, even people from policy circles know about Reis and his sticky information. I might add that with inflation higher world wide, it seems price updating got faster and models a la calvo don't pick that up. It might not end up being the next great breakthrough in monetary but it did get a lot of people talking.

BTW Your comments are probably the most arrogant I have read in a while... of course I haven't been visiting many economist blogs lately...

econphilomath · 03-19-2008, 09:00 PM

assetprice: BTW shouldn't you be busy figuring out what is wrong with asset pricing theory that got us into the current crisis, and the last one too for that matter, LTCM??.

savingtheplanet · 03-20-2008, 12:58 AM

Joel Slemrod has turned down his offer from Columbia, and will be staying at Umich after all (learned via departmental email). Another reason to choose Umich?

iugi85 · 03-20-2008, 01:15 AM

Quote:

Originally Posted by econphilomath

BTW Your comments are probably the most arrogant I have read in a while... of course I haven't been visiting many economist blogs lately...

lol

Golden Rule · 03-20-2008, 01:33 AM

Quote:

Originally Posted by econphilomath

GREAT!! Is that confirmed, official ? No one form Columbia has said anything....?

It's spring break at Columbia this week, so that would slow down any flow of news. That said, no school would make an official announcement until everything's been ironed out. By the time Janet Currie has sent out an email lavishing praise upon a new hire, everyone's known about it for weeks or months.

But you've made the decision already to come to Columbia's visiting day. The potential incoming students always ask the faculty what new hires may be in store, and the faculty are always willing to divulge anything that's near a done deal. I suspect a week from now, you'll have better info on Reis than I do.

econphilomath · 03-20-2008, 05:10 AM

Quote:

Originally Posted by Golden Rule

It's spring break at Columbia this week, so that would slow down any flow of news. That said, no school would make an official announcement until everything's been ironed out. By the time Janet Currie has sent out an email lavishing praise upon a new hire, everyone's known about it for weeks or months.

But you've made the decision already to come to Columbia's visiting day. The potential incoming students always ask the faculty what new hires may be in store, and the faculty are always willing to divulge anything that's near a done deal. I suspect a week from now, you'll have better info on Reis than I do.

At visit day in Colubia: Hi my name is XXX I am from country YYY. WTF, is Reis and Uribe-and wife coming or not?! Tell me!

assetprice · 03-20-2008, 12:16 PM

econophil, the financial crisis as all due to sticky information about the value of subprime mortgages. Happy now?

By the way, at Berkeley, the Romers and David Card are down to give courses in the fall. My guess is that Chad Jones will likely take up his offer at Stanford GSB. Paul Romer is leaving and he has highly recommended Jones as his replacement.

03-19-2008, 08:14 PM	#182 (permalink)
assetprice Trying to make mom and pop proud Join Date: Mar 2008 Posts: 5	Since Reis arrived in Princeton, he has produced essentially nothing. He's written countless papers on sticky information, which are hardly cited and are about as interesting as watching paint dry. (Do readers of this thread really believe information is sticky? Thought so). [inappropriate comment deleted by moderator] Frankly, Im not quite sure why Columbia hired him at all. Last edited by asquare : 03-19-2008 at 08:18 PM. Reason: issues, not individuals. you can comment on research, but this is a fine line.

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03-19-2008, 06:39 PM	#181 (permalink)
Sam_Jackson Publish or Paris(h)! Join Date: Jun 2007 Posts: 93	You make a convincing argument!

03-19-2008, 08:17 PM	#183 (permalink)
asquare TestMagic Guru Moderator Join Date: Mar 2006 Location: Ann Arbor Posts: 1,381	assetprice, you can offer your opinion about research by Reis or other economists. But please don't make personal statements. For more information, see Erin's description of the "issues, not individuals (Issues, not individuals--no libel or slander, please)" policy on this forum.

03-19-2008, 09:00 PM	#185 (permalink)
econphilomath Adriannn! Join Date: Mar 2007 Posts: 1,280	assetprice: BTW shouldn't you be busy figuring out what is wrong with asset pricing theory that got us into the current crisis, and the last one too for that matter, LTCM??.

03-20-2008, 12:58 AM	#186 (permalink)
savingtheplanet Attending UC Berkeley Join Date: Mar 2007 Posts: 302	Joel Slemrod has turned down his offer from Columbia, and will be staying at Umich after all (learned via departmental email). Another reason to choose Umich?

03-20-2008, 12:16 PM	#190 (permalink)
assetprice Trying to make mom and pop proud Join Date: Mar 2008 Posts: 5	econophil, the financial crisis as all due to sticky information about the value of subprime mortgages. Happy now? By the way, at Berkeley, the Romers and David Card are down to give courses in the fall. My guess is that Chad Jones will likely take up his offer at Stanford GSB. Paul Romer is leaving and he has highly recommended Jones as his replacement.

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