Archive for October 13th, 2020

The economist as weaver – a letter to students of economics

October 13, 2020

Gabriel Makhlouf, Governor of the Central Bank of Ireland in this blogpost writes to students applying for Central Bank’s graduate program.

He revisits Keynes famous quote on what is an economist? As per the Governor, an economist is like a weaver:

At some point you’ll probably be asked the question “what is an economist?”. You could reply with Keynes’ famous description of the “master economist [as] mathematician, historian, statesman, philosopher”. I suggest you also think of an economist as a “weaver”, someone who brings together different strands of evidence and analytical frameworks and weaves them into baskets to carry forward public policy and find solutions to today’s and tomorrow’s challenges.

The students should read the entire post. Interesting bit of advice.

GDP Growth Forecasts of the Reserve Bank of India – A Performance Assessment

October 13, 2020

RBI’s Oct-2020 Bulletin has this research article by Raj Rajesh and Vineet Kumar Srivastava. They evaluate RBI’s performance in GDP forecasting:

This article evaluates the annual gross domestic product (GDP) growth projections of the Reserve Bank of India (RBI) against final official estimates of GDP, which are normally released with a lag of about three years. During 1998-99 to 2016-17, on an average, growth projections underestimated realised growth. Forecast errors, committed in both directions, were free of any systematic bias, and remained modest in a cross-country context. 

 

Economic Sciences Nobel: Auctions, they’re all around us

October 13, 2020

My new piece in MC on the 2020 Riksbank Prize in Economics.


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