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Ivan Werning
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MIT Professor of Economics | Macro, International, Public, Monetary, Taxes, Finance | Boston + Argentina | no AI posting
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Interesting idea. Surely with some tradeoffs.
I hope other journals follow this policy. It would create much-needed incentives for all of us to study things that actually matter and to focus more on producing high-quality publications than churning a lot of publications we can live without.View quoted post on X
This time of year, as it gets dark around 430pm, I remember this Milton Friedman passage...
The argument for a flexible exchange rate is, strange to say, very nearly identical with the argument for daylight savings time. Isn't it absurd to change the clock in summer when exactly the same result could be achieved by having each individual change his habits? All that is required is that everyone decide to come to his office an hour earlier, have lunch an hour earlier, etc. But obviously it is much simpler to change the clock that guides all than to have each individual separately change his pattern of reaction to the clock, even though all want to do so. The situation is exactly the same in the exchange market. It is far simpler to allow one price to change, namely, the price of foreign exchange, than to rely upon changes in the multitude of prices that together constitute the internal price structure.
in The Case for Flexible Exchange Rates
(or, In Recognition of Sticky Prices)
The argument for a flexible exchange rate is, strange to say, very nearly identical with the argument for daylight savings time. Isn't it absurd to change the clock in summer when exactly the same result could be achieved by having each individual change his habits? All that is required is that everyone decide to come to his office an hour earlier, have lunch an hour earlier, etc. But obviously it is much simpler to change the clock that guides all than to have each individual separately change his pattern of reaction to the clock, even though all want to do so. The situation is exactly the same in the exchange market. It is far simpler to allow one price to change, namely, the price of foreign exchange, than to rely upon changes in the multitude of prices that together constitute the internal price structure.
in The Case for Flexible Exchange Rates
(or, In Recognition of Sticky Prices)
Ridículas los comentarios que veo por Eliseo/Odiseo... entrar en esas cosas superficiales...
... personalmente, la metáfora me pareció excelente para el punto que quiere hacer. Y es un punto importante, de la ética y consistencia en el accionar público. La metáfora creo resuena con el hecho que Milei incorporó Bullrich y gente como @fedesturze de otro cuadro.
... personalmente, la metáfora me pareció excelente para el punto que quiere hacer. Y es un punto importante, de la ética y consistencia en el accionar público. La metáfora creo resuena con el hecho que Milei incorporó Bullrich y gente como @fedesturze de otro cuadro.
Podía llamarlo Odiso o Ulises, pero lo llamó Eliseo, como el personaje de Francella. Nunca en la historia de la democracia mundial un tipo más idiota que este llegó a presidir un país.View quoted post on X
In Moderation placing all my Glory,
While Tories call me Whig, and Whigs a Tory.
-Alexander Pope, 1733
As fitting then as today.
While Tories call me Whig, and Whigs a Tory.
-Alexander Pope, 1733
As fitting then as today.