An exercise in self-blacklisting?

Courtesy of Lew Rockwell, a Petition for Fed Independence—WSJ

Below is the list of signers, organized by school, institution, or company.

Boston University (2), Brown University (3), Carnegie Mellon University (1), Columbia University (10),
Cornell University (1), Dartmouth College (5), Duke University (1), Emory University (1), Harvard University (3), Johns Hopkins University (7), Louisiana State University (1), Loyola University, Chicago (1), Massachusetts Institute of Technology (11), Northwestern University (24), New York University (7), Pepperdine University (1), The Ohio State University (2), Princeton University (16), Stanford University (7), University of California, Berkeley (2), University of California, Los Angeles (10), University of California, Santa Barbara (1), University of California, San Diego (11), University of Chicago (22), University of Iowa (1), University of Michigan (1), University of North Carolina, Chapel Hill (1), University of Pennsylvania (2), University of Southern California (1), Yale University (3), The Private and Quasi-Private Sector

Boston University
Simon Gilchrist
Brown University
George Borts
Peter Howitt
David Weil
Carnegie Mellon University
Chester Spatt
Columbia University
Michael Adler
Martin Cherkes
Pierre Collin Dufresne
Marc Giannoni
Frederic Mishkin
Michael Woodford
Gailen Hite
Enrichetta Ravina
Tano Santos
Shang-jin Wei
Cornell University
Maureen O’Hara
Dartmouth College
Kenneth French
Rafael La Porta
Matthew Slaughter
Andrew Bernard
Robert Hansen (Tuck School)
Duke University
Ravi Bansal
Emory University
Jay Shanken
Harvard University
Diego Comin
Robert Merton
James H. Stock
Johns Hopkins University
Christopher Carroll
Jon Faust (Center for Financial Economics)
Louis Maccini
Robert Moffitt
Stephen Shore
Tiemen Wouteren
Jonathan Wright
Louisiana State University
Doug McMillin
Loyola University, Chicago
Vefa Tarhan
Massachusetts Institute of Technology
Daron Acemoglu
Paul Asquith
Ricardo Caballero
Peter Diamond
Kristin Forbes (Sloan)
Bengt Holmstrom
Paul Joskow
Andrew Lo
Guido Lorenzoni
Richard Schmalensee
William Wheaton
Northwestern University
Eddie Dekel
Matthias Doepke
Martin Eichenbaum
Andrea Eisfeldt (Kellogg School of Management)
Jeffrey Ely
Robert J. Gordon
Steffen Habermalz
Yael Hochberg (Kellogg School of Management)
Ravi Jagannathan (Kellogg School of Management)
Arvind Krishnamurthy
Hilarie Lieb
Robert McDonald (Kellogg School of Management)
Dale Mortensen
Dimitris Papanikolaou
Giorgio Primiceri
Costis Skiadas
Joseph Swanson
Andrey Ukhov
Sergio Urzua
Burton Weisbrod
Michael Whinston
Mirko Wiederholt
Mark Witte
Richard Walker
New York University
David Backus
Thomas Sargent
Mark Gertler
Lasse H. Pedersen
Kermit Schoenholtz (Stern School of Business)
Paul Wachtel (Stern School of Business)
Stanley Zin
Pepperdine University
Dean Baim
The Ohio State University
Nan Li
Rene Stulz
Princeton University
Yacine Ait-Sahalia
Markus K. Brunnermeier
Angus Deaton
Avinash Dixit
Henry Farber
Gene Grossman
Bo Honore
Peter Kenen
Burton Malkiel
Eric Maskin (The Institute for Advanced Study)
Stephen Morris
Esteban Rossi-Hansberg
Michael Rothschild
Hyun Shin
Mark Watson
Wei Xiong
Stanford University
Darrell Duffie
Robert Hall
Pete Klenow
Charles I. Jones (Graduate School of Business)
Stefan Nagel
Monika Piazzesi
Martin Schneider
University of California, Berkeley
Daniel McFadden
Maurice Obstfeld
University of California, Los Angeles
Jernej Copic
Dora Costa
Harold Demsetz
Roger Farmer
Gary Hansen
Christian Hellwig
Matthew Kahn
Hanno Lustig (Anderson)
Lee Ohanian
Pierre-Olivier Weill (Economics)
University of California, Santa Barbara
Rajnish Mehra
University of California, San Diego
Davide Debortoli
Scott Desposato
Roger Gordon
James Hamilton
Gordon Hanson
Takeo Hoshi
David Lake
Bruce Lehman
Keith Poole
Valerie Ramey
Ulrike Schaede
University of Chicago
Fernando Alvarez
Anil Kashyap (Booth School of Business)
Steven Davis (Booth School of Business
Douglas Diamond (Booth School of Business)
Eugene Fama (Booth School of Business)
Milton Harris (Booth School of Business)
Tarek Hassan (Booth School of Business)
Zhiguo He (Booth School of Business)
John Heaton
Chang-tai Hsieh
John Huizinga (Booth School of Business)
Erik Hurst (Booth School of Business)
Steven Kaplan (Booth School of Business)
Ralph Koijen (Booth School of Business)
Juhani Linnainmaa (Booth School of Business)
Atif Mian
Tobias Moskowitz (Booth School of Business)
Stavros Panageas (Booth School of Business)
Lubos Pastor (Booth School of Business)
Amir Sufi (Booth School of Business)
Harald Uhlig
Pietro Veronesi
University of Iowa
David Bates
University of Michigan
Christopher House
University of North Carolina, Chapel Hill
James F. Smith (Kenan-Flagler Business School)
University of Pennsylvania
Andrew Abel (Wharton School)
Francis X. Diebold University of Pennsylvania
University of Southern California
Wayne Ferson
Yale University
Eduardo Engel
Giuseppe Moscarini
Robert Shiller
The Private and Quasi-Private Sector
Scott Anderson (Wells Fargo & Co.)
Cliff Asness (AQR Capital Management LLC—Managing and Founding Principal)
Ralph C. Bryant (Brookings Institution)
Scott Brown (Raymond James & Associates)
Michael Carey (Calyon Securities (USA) Inc. Credit Agricole Group)
Michael Feroli (J.P.Morgan)
David Greenlaw (Morgan Stanley)
Richard Berner (Morgan Stanley)
D. Lee Heavner (Analysis Group, Inc.)
Stuart Hoffman (PNC Financial Services Group)
Peter Hooper (Deutsche Bank)
Ellen Hughes-Cromwick (Chief Economist, Ford Motor Company)
Dana Johnson (Comerica Bank)
Karen Johnson (Federal Reserve Board of Governors (retired))
Juno Kang (The Bank of Korea)
Bruce Kasman (J.P. Morgan Chase)
David Kotok (Chairman, Central Banking Series, Global Interdependence Center, Philadelphia, PA.)
John Liew (AQR Capital Management)
Kevin Logan (Dresdner Kleinwort)
Robert Mellman (J.P. Morgan)
Laurence Meyer (Macroeconomic Advisers, LLC)
Gregory Miller (Suntrust Banks, Inc.)
Robert Parry (President & CEO, Federal Reserve Bank of San Francisco, Retired)
Edwin M. Truman (Peterson Institute for International Economics)
Chris Varvares (Macroeconomic Advisers, LLC)

Response from Bill Anderson (Frostburg State University; Foundation for Economic Education) on the LRC blog:

Lew’s post is excellent, and it exposes what I think is the real weakness of the current crop of “elite” economists.  I pulled up the letter and saw that a large number of the signees were from the Ivy League institutions or places like Chicago and Northwestern.  In other words, the “highest-ranking” economists are the ones who are absolutely clueless about money and are cravenly ignorant about the Fed.

To these “economists,” money is nothing more than a quantity variable to be manipulated by monetary authorities to have certain macro effects.  The notion that money is a good — a real good — that is used for indirect exchange never crosses their minds.  These people would be outraged if government constantly messed with their cars or their houses to constantly devalue them, yet they insist that such manipulation is necessary for our prosperity.  They may call it “economics,” but I call it fraud.

Lifted from the WSJ comment box:

Court intellectuals afraid of losing their meal tickets are so easy to spot. Funny how many went to the same over-rated schools. What a waste.

If I were a student, this would read like a list of academics to challenge*…or avoid.

Just saying…

*Of course, a student who wishes to directly challenge the views of anyone on this list in the classroom may do well to audit the classes in question.

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One Response

  1. You can learn far more solid information about economics by reading a couple of good books than you can by going to most of the “elite” economic schools in this country. As Will Hunting said to the snotty Harvard student, “You wasted 150 grand on a (*&^% education that you could’ve gotten for $1.50 plus late charges at the local public library.”

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