昨日紹介したレイ・フェアの1978年の97本の方程式のモデルについて、ロバート・ワルドマンは、それはさすがに多過ぎるが、一方で最近のモデルの方程式数は少なすぎる、と述べている。 I have to admit that I don’t intend to ever work with a model with 97 separate equations (meaning 97 dependent variables). But I think that one fatal defect of current academic macroeconomics is that it has been decided to keep the number of equations down to roughly 7 (New Keynesian) or fewer (RBC). I will st