David Altig at macroblog has joined the fierce discussion of the problems in theoretical economics related to the complete failure in prediction of the current crisis. The economic profession is very reluctant to recognize (not admit) the inconsistency of the mainstream ideas and tools.
Briefly, our approach has been formulated in the article "Does economics need a scientific revolution?" as a reaction to the article by J.-P. Bouchaud "Economics need a scientific revolution" in Nature.
Our research, as a whole, is a quantitative alternative to the mainstream economics. This blog highlights relevant results.
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Inflation and the Fed rate decisions between 1954 and 2024. Should we expect recession? (Updated 10/01/2025 - one big step to recession)
Abstract A strict linear proportionality between the CPI inflation and the actual interest rate defined by the Board of Governors of the ...
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These are two biggest parts of the Former Soviet Union. To characterize them from the economic point of view we borrow data from the Tot... -
Almost every day, I have a request to publish this paper " Race and gender income inequality in the USA: black women vs. white men...
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