Category Archive for: Links [Return to Main]

Friday, September 04, 2015

Links for 09-04-15

Thursday, September 03, 2015

Links for 09-03-15

Wednesday, September 02, 2015

Links for 09-02-15

Tuesday, September 01, 2015

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Monday, August 31, 2015

Links for 08-31-15

Sunday, August 30, 2015

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Saturday, August 29, 2015

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Friday, August 28, 2015

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Thursday, August 27, 2015

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Wednesday, August 26, 2015

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Tuesday, August 25, 2015

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Monday, August 24, 2015

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Sunday, August 23, 2015

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Saturday, August 22, 2015

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Friday, August 21, 2015

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Thursday, August 20, 2015

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Wednesday, August 19, 2015

'Reform and Revolution in Macroeconomics'

This is something I've stressed with respect to the failure of macroeconomic models, the failure to ask the right questions prior to the crisis. There was no shortage of tools, though some -- like the restrictions imposed by representative agent modeling needed to be improved to better handle heterogeneous agents -- needed further development. The problem was that we had been told by the eminent thought leader(s) within the profession that the problem of deep recessions had been solved (if not by policy, then by the improvement in the operation of the economy brought about by modern technology -- markets were thought to function sufficiently well so as to avoid such problems, especially financial markets with their digital technology and physics brains). Thus, theoretical questions about deep recessions induced by financial panics were ignored or shunted off to the side (they seemed to lack empirical relevance at that time) and the profession focused on how to conduct policy in a "Great Moderation". So to answer why important questions were left largely unaddressed by mainstream models and thinking, it was a combination of the belief that the questions were unimportant combined with sociology within the profession that placed a lower value on pursuits that might have allowed us to be better prepared when the recession hit.

Simon Wren-Lewis argues there was ample reason to ask these questions if we had been more attention to empirical evidence:

Reform and revolution in macroeconomics: ...While it is nonsense to suggest that DSGE models cannot incorporate the financial sector or a financial crisis, academics tend to avoid addressing why some of the multitude of work now going on did not occur before the financial crisis. It is sometimes suggested that before the crisis there was no cause to do so. This is not true. Take consumption for example. Looking at the (non-filtered) time series for UK and US consumption, it is difficult to avoid attaching significant importance to the gradual evolution of credit conditions over the last two or three decades (see the references to work by Carroll and Muellbauer I give in this post). If this kind of work had received greater attention (which structural econometric modellers would almost certainly have done), that would have focused minds on why credit conditions changed, which in turn would have addressed issues involving the interaction between the real and financial sectors. If that had been done, macroeconomics might have been better prepared to examine the impact of the financial crisis. ...

[His main point is much broader.]

Links for 08-19-15

Tuesday, August 18, 2015

Links for 08-18-15

Monday, August 17, 2015

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Sunday, August 16, 2015

Links for 08-16-15

Saturday, August 15, 2015

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Friday, August 14, 2015

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Thursday, August 13, 2015

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Wednesday, August 12, 2015

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Tuesday, August 11, 2015

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Monday, August 10, 2015

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Sunday, August 09, 2015

Links for 08-09-15

Saturday, August 08, 2015

Links for 08-08-15

Friday, August 07, 2015

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Thursday, August 06, 2015

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Wednesday, August 05, 2015

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Tuesday, August 04, 2015

Links for 08-04-15

Monday, August 03, 2015

Links for 08-03-15

Sunday, August 02, 2015

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Saturday, August 01, 2015

Links for 08-01-15

Friday, July 31, 2015

Links for 07-31-15

Thursday, July 30, 2015

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Wednesday, July 29, 2015

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Tuesday, July 28, 2015

Is Content Aggregation Harmful?

This is from the NBER (Project Syndicate, are you listening?):

Content Aggregation by Platforms: The Case of the News Media, by Lesley Chiou and Catherine Tucker, NBER Working Paper No. 21404, July 2015: ... In recent years, the digitization of content has led to the prominence of platforms as aggregators of content in many economically important industries, including media and Internet-based industries (Evans and Schmalensee, 2012).
These new platforms consolidate content from multiple sources into one place, thereby lowering the transactions costs of obtaining content and introducing new information to consumers. ... For these reasons, platforms have attracted considerable legal and policy attention. ...
Our results indicate that ... the traffic effect is large, as aggregators may guide users to new content. We do not find evidence of a scanning effect...
Our empirical distinction between a scanning effect where the aggregator substitutes for original content and a traffic effect where the aggregator is complementary, is useful for analyzing the potential policy implications of such business models. The fact we find evidence of a "traffic effect" even with a relatively large amount of content on an aggregator, is perhaps evidence that the "fair use" exemptions often relied on by such sites are less potentially damaging to the original copyright holder than often thought.

On the comment that the benefits outweigh the harm "even with a relatively large amount of content on an aggregator," when I post an entire article, as I did yesterday with this Vox EU piece, a surprisingly high percentage of you still click through to the original.

With video, at least in most cases, there is code available to put the video on your site. You play it and it has ads, branding, etc. I've always thought (or maybe hoped) content providers should do the same thing. Provide an embed button that allows me to duplicate an article -- it would come with ads, links to other content on their site, etc. -- on my site. Reads of the article would go way up (not from just my site, I mean if they allowed everyone to do this), and it would increase the number of people who see ads associated with their content (so they could charge more).

Links for 07-28-15

Monday, July 27, 2015

Links for 07-27-15

Sunday, July 26, 2015

Links for 07-26-15

Saturday, July 25, 2015

Links for 07-25-15

Friday, July 24, 2015

Links for 07-24-15

Thursday, July 23, 2015

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Wednesday, July 22, 2015

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Tuesday, July 21, 2015

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Monday, July 20, 2015

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Sunday, July 19, 2015

Links for 07-19-15