A senior Federal Reserve economist has slammed the profession for relying on propositions “that ‘everyone knows’ to be true, but that are actually arrant nonsense,” including the role of inflation expectations.
In a discussion paper posted on the Fed Board’s website Friday, Jeremy Rudd argued that ideas including using aggregate production functions to provide a good way to characterize the economy’s supply side don’t have “any sort of empirical foundation.”
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September 25, 2021 at 04:09AM
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Fed Economist Bemoans 'Criminally Oppressive' Social Order - Bloomberg
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