Comments and Discussion

摘要

Ricardo Reis~1 Progress in the study of short-run economic fluctuations seems to come in three stages. First, macroeconomists become excited by the arrival of a new theoretical approach, a new set of principles to organize knowledge, or some new modeling tools. Second come the refiners, who explore how to apply the idea to an increasing number of markets and to tease out all of its implications. Third, a synthesis emerges, bringing together the progress in different areas into one large model that tries to capture many features of an aggregate economy. This last stage is always technically challenging and involves considerable ingenuity at fine tuning models to match the subtleties of the data.