Showing posts from October, 2018

Rebuilding macroeconomics

Spending today and tomorrow attending the Rebuilding Macroeconomics conference at the Treasury.

The programme looks very interesting - highlights include:

Ekaterina Svetlova's opening talk on "Imagining the Future", which I think will be quite relevant to System 3 and an idea I have been working on, prospective expectations: the concept that actors based their decisions not on a Nash equilibrium (rational expectations) or on a simple extrapolation of the past (adaptive expectations), but on the future they are best able to imagine.Sam Johnson on "The cognitive and affective processes that give rise to emergent economic order", which sounds right up my street.David Laibson on "Using model free data to predict future outcomes" - more in this case for the speaker than the topic."Markets as a function of language: microfoundations of narrative economics" by Douglas Holmes - a topic that has been studied both by Robert Shiller and by Tuckett and …