This is really just a comment on Noah Smith's blog post about the oddity of the Nobel Committee awarding the Economics prize to Kydland and Prescott for finding that the business cycle was caused by technology shocks, and then later to Sims for finding that it was caused by monetary policy shocks. I tried to post the comment a couple of times, but was obviously fended off by some clever algorithm that filters microfounded macro fans, but poses as a device to stop spamming.
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Why Kydland, Prescott and Sims got the Nobel…
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This is really just a comment on Noah Smith's blog post about the oddity of the Nobel Committee awarding the Economics prize to Kydland and Prescott for finding that the business cycle was caused by technology shocks, and then later to Sims for finding that it was caused by monetary policy shocks. I tried to post the comment a couple of times, but was obviously fended off by some clever algorithm that filters microfounded macro fans, but poses as a device to stop spamming.