Rep. Paul Gosar targets Joint Chiefs of Staff chair as 'traitor,' vows investigation https://tinyurl.com/2nbeu4pb What a cretin. He represents #Prescott and you might note that when making travel plans. File under places to avoid

2/3 Of course, Prescott sent an answer to Friedman's report:

"Studies documenting deviations from existing theory play an important
role in science as do replications of the studies using a different data set. Do
you reject such studies as being nonsubstantive?"

#historyofecon #histecon #macroeconomics #econtwitter #historyofmacro #Prescott

1/3 The Hodrick-Prescott filter paper was completed around 1978 and rejected several times:

-by AER referees
-then at the JMCB by no less than Milton Friedman, who thought it was "measurement without theory" (which he had supported against the Cowles in the 1950s, ironically)

Hodrick remembers:

#historyofecon #histecon #macroeconomics #econtwitter #historyofmacro #Prescott

3/3 Who said when , Ed #Prescott edition :

"It is exactly the point of these "equilibrium theories" that they be criticizable in this way, that their key parameters be interpretable in price-theoretic terms and thus comparable to estimates from data other than aggregative time series...are we to conclude it is bad work because a parameter if off by a factor of 10?"

(note: Gary is probably Gary Becker)

#historyofecon #histecon #macroeconomics #econtwitter #historyofmacro

2/3 Who said when on Ed #Prescott

#historyofecon #histecon #macroeconomics #econtwitter #historyofmacro

#As a teacher and supervisor of doctoral students, Ed is outstanding...Sims is willing to concede the [economic territory] to theorists; Prescott is not"

(also note the Cass dunk)

I'll write more later on how Ed #Prescott's major contributions came to be, but in fact other economists did so in the 1970s to 1990s better than us

Today's #whosaidwhenhistecon is thus in honor of Prescott

So who said when (and to whom?) 1/n

"Prescott has written on finance..industrial org, macro, adaptative control, optimal control...bayesian econ. Tom has hit more home run than Ed, Ed has hit more doubles and triples. Ed is an all around basic price man..."