The Evolution and Dissemination of “Freshwater” economics: Insights from the Archives of the Federal Reserve Bank of Minneapolis

March 21, 2012
5.30 PM

• Warren Young, Bar-Ilan University

Introduction: K. Vela Velupillai - University of Trento

Abstract:
For almost four decades, research done at the University of Minnesota and under the aegis of the Federal Reserve Bank of Minneapolis has been at the cutting edge of Economics, especially since the years of high theoretical and empirical work that has characterized the period from the 1970s onwards, such as the application of rational expectations and rational expectations econometrics to monetary theory and policy analysis; the development of VAR techniques for time-series analysis and forecasting; and the extension of competitive equilibrium models and calibration to business cycle analysis, as manifest in the real business cycle research program. An exemplary sample of the works of Sargent, Sargent-Wallace and Sargent-Lucas is presented and analyzed—including variorum drafts of papers, recollections, and archival materials-- in an attempt understand the origins, evolution, and dissemination of "Freshwater Economics".