FFS how can this possibly be considered the most interesting paper at Jackson Hole. Shall we keep interest rates at zero forever in the hope free money ends up in a good start up whilst making any dumb venture capitalists filthy rich? You know what depends on interest rates as well? Financial stability and inflation. These keynesian academics really desperately trying to find any new excuse for their failed ideology. When the day of reckoning comes, and it will come soon as all the major economies are on unsustainable fiscal paths, all these experts should be sent to jail. So much intellectual dishonesty and click baiting fake research papers obviously full of qualifiers to hedge their bets.
The post explicitly states that the policy implications are not clear precisely because of financial stability concerns. So there is some sympathy for your view right there, couched in slightly different terms!
I think the endogeneity of the real economy to the business cycle ought to be better understood anyway -- lower capital stop from a collapse of physical investment will leave a shadow. I think this is broader than just innovation myself.
Hehehe. I wanted to write in my comment that YOU should go to Jackson Hole and present a paper! That would be exceptional!
I read the paper and I really appreciate the tech angle but I still believe it's way more important to put things into the right context and provide some high level perspective. What should we expect next year? How investors can benefit from illiquidity premia by investing in private equity that do so much good for our society? Looking at just one thing trying to justify policies that have such broad effects on the whole system just sounds wrong.
It's all my fault that I still think research papers should actually be aiming higher! At the end of the day 50% of research is just marketing and entertainment. Luckily for the authors they produced a very "instagrammable" piece of research but the fact that this was the most interesting paper it really says everything you need to know about where we stand in debating policies that matter so much to all of us.
FFS how can this possibly be considered the most interesting paper at Jackson Hole. Shall we keep interest rates at zero forever in the hope free money ends up in a good start up whilst making any dumb venture capitalists filthy rich? You know what depends on interest rates as well? Financial stability and inflation. These keynesian academics really desperately trying to find any new excuse for their failed ideology. When the day of reckoning comes, and it will come soon as all the major economies are on unsustainable fiscal paths, all these experts should be sent to jail. So much intellectual dishonesty and click baiting fake research papers obviously full of qualifiers to hedge their bets.
The post explicitly states that the policy implications are not clear precisely because of financial stability concerns. So there is some sympathy for your view right there, couched in slightly different terms!
I think the endogeneity of the real economy to the business cycle ought to be better understood anyway -- lower capital stop from a collapse of physical investment will leave a shadow. I think this is broader than just innovation myself.
Hehehe. I wanted to write in my comment that YOU should go to Jackson Hole and present a paper! That would be exceptional!
I read the paper and I really appreciate the tech angle but I still believe it's way more important to put things into the right context and provide some high level perspective. What should we expect next year? How investors can benefit from illiquidity premia by investing in private equity that do so much good for our society? Looking at just one thing trying to justify policies that have such broad effects on the whole system just sounds wrong.
It's all my fault that I still think research papers should actually be aiming higher! At the end of the day 50% of research is just marketing and entertainment. Luckily for the authors they produced a very "instagrammable" piece of research but the fact that this was the most interesting paper it really says everything you need to know about where we stand in debating policies that matter so much to all of us.
I will free my diary for next year's conference!