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14 Sep 09
Moral Hazard and Capital Structure, Arnold Kling | EconLog | Library of Economics and Liberty
09 Mar 09
Greg Mankiw Gets Technical, Arnold Kling | EconLog | Library of Economics and Liberty
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Under the unit-root hypothesis, which I thought was well established, I see the attempt to do macroeconometrics as basically hopeless. The way I see it, with a unit root, every change is a structural change. As a result, there is no way to use macroeconomic data from different decades as if they allowed you to conduct a controlled experiment.
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