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bscout last won the day on April 9 2008

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  1. That is not right fp. Sounds Lucas familiar? ;) Neoclassical macro is characterized by strong microfoundations: for each variable that you add into a model there has to be a micro fact that justifies it. I do not see that in New Keynesians' models. I do not if I can quote it here but you can find a good description of the differences in Chari, Kehoe and McGrattan (AERJ:Macro, 2009). Obviously that the line between both views is not as clear as 20 years ago. New Keynesian have incorporated the analysis that charecterized 'fresh-water' (for instance, the use of DSGE that Keynesians used to critique), but some differences still remain.
  2. Romer is all but freshwater. :)
  3. AFAIK, during last few years they used to fund three people per year. One of them with fellowship.
  4. I completely agree with what GR wrote. Here you have one side of the debate and here is the other (also Heckman has a nice paper about this issue).
  5. Remember that facebook was down last week? I heard they were upgrading the servers since they could not keep up with Italo's network.
  6. LOL (I need more letters)
  7. How do you know that is the case? I know that Prof. List said that it was the case for UofC but I do not know about the rest of the schools. Are you referring to the absolute number of good applicants or the relative proportion of them? In any case, one explanation was given over and over in this board in older threads (i.e. market is bad ==> opportunity cost of going to the private sector goes down ==> more students willing to go to graduate school).
  8. I would bet that if people in other fields started to test their models by doing out-of-sample fit (like Meese and Rogoff did), most of them will not do better than a random walk either. And I would say that exchange rates follow a random walk (there is empirical evidence that for some countries we can reject this hypothesis), is that you cannot do better than that.
  9. This is not helpful but nobody can predict for sure how the exchange rate will behave; if you can beat a random walk you are almost set.
  10. bscout


    Congratulations!! :)
  11. But still you do not know if it is hurting them. Perhaps they could place even higher.
  12. You should try the appendix of Chari, Kehoe and McGrattan (2002). Make sure you check uniqueness; otherwise your tatoo will not differentiate you from the rest.
  13. Not only in the last couple of years. Development' variables of interest are in a micro level -individuals- (level of education, nutrition, degree of poverty, etc.). Growth is more concern with the long term path of certain macro indicators -countries- (GDP mainly). I am not a development person but try to take a look at Atkinson, Card, Basu, Duflo, Rosenzweig and Case.
  14. You should at least control for the number of students and faculty; otherwise it does not make a lot of sense to talk about endowment (for instance, Michigan and NWU have virtually the same endowment but UofM has twice as many students).
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