A banker in 1716 had two main tools: a ledger book and a quill pen. A client – probably a prominent carpenter – would enter a branch, request a withdrawal or make a deposit, and the banker would make a careful note of it inside the ledger, editing the customer’s preceding entry to hold authoritative score of precisely what the bank promised to them.
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An alternative explanation is that monetary analysts and macroeconomists view modeling trade-offs differently. Financial analysts are primarily interested in generating great forecasts, while macroeconomists are typically much more interested in deriving optimal policies. It could be that, beyond a certain point, much better forecasts come at the expense of analytical tractability. The mid-century models had a fairly tough time saying anything about the desirability of a single policy versus one more, unless 1 made silly assumptions like Have to HAVE MOAR OUTPUT. The DSGE models have an simpler time …Read More