Kocherlakota_Thoughts on Macro

Kocherlakota_Thoughts on Macro - Some Thoughts on the State...

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Unformatted text preview: Some Thoughts on the State of Macro N. Kocherlakota (Minnesota) Ive read many commentaries in 2008 and 2009 on the state of macroeconomics. For what its worth, I thought that Id offer my own thoughts on the topic. I begin with a table. It considers the top 17 economics departments, as ranked by US News and World Report in 2009. (I would have used 15, but there was a 4-way tie for 14 th in the rankings.) For each of these departments, the table lists all tenured macroeconomists who received their Ph. D. in 1990 or after. MIT: Acemoglu, Angeletos, Werning Harvard: Laibson Chicago: Alvarez, Mulligan, Shimer, Uhlig Princeton: Rossi-Hansberg Stanford: Bloom, Klenow, Piazzesi, Schneider Berkeley: Gourinchas Yale: Engel, Golosov, Moscarini, Smith, Tsyvinski Northwestern: Doepke Penn: Fernandez-Villaverde, Krueger, Schorfheide Columbia: Ng, Reis, Sala-i-Martin, Schmitt-Grohe, Uribe Minnesota: Perri, Phelan, Rios-Rull NYU: Lagos, Leahy, Ludvigson, Violante Michigan: House, Killian, Stolyarov, Tesar UCLA: Burstein, Hellwig, Ohanian Wisconsin: Seshadri, Williams UCSD: None CalTech: None In terms of determining fields of specialization, I used self-classifications from c.v.s, departmental classifications, and my own knowledge of teaching assignments. These people are core researchers in our field. I do not believe that one can write knowledgeably or usefully about the state of macroeconomics without knowing their collective work well. In part because Ive written tenure letters or prepared internal tenure cases for roughly half of them, I feel that I can rightly claim to be in this position. Thinking about this group and their work, Ive come to ten conclusions. 1. Macroeconomists dont ignore heterogeneity. For virtually all of these scholars (especially the younger ones), some form of heterogeneity has played a major role in most of their work. The heterogeneity comes in different forms. It may be heterogeneity in terms of income or wage realizations. It may be heterogeneity in terms of job arrivals. It may be heterogeneity in terms of sex or age....
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This note was uploaded on 02/07/2011 for the course ECON 3102 taught by Professor Mingyi during the Spring '08 term at Minnesota.

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Kocherlakota_Thoughts on Macro - Some Thoughts on the State...

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