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Another RBC model failure


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Remember early in the year when all the “experts” told us that Russia was facing economic collapse because of the draconian sanctions being imposed? Never happened. Noah Smith points out that the doomsayers were also wrong about the impact of the energy crisis on the German economy:

Germany may experience a recession in 2023 (they are very hard to predict). But if it does, it will likely not be due to “real shocks”. Rather, the cause would be declining NGDP growth triggered by the ECB’s anti-inflation program.

PS. I love to keep track of Bloomberg’s views on the economy. This is from today’s paper:

The world economy is beginning the new year on a more optimistic note, though that’s no guarantee 2023 will end that way

A variety of factors – a sooner-than-expected reopening of China’s economy, a warmer-than-normal winter in energy-strapped Europe and a sustained fall in US inflation – are combining to dissipate some of the gloom that engulfed financial markets at the end of 2022 and fanning hopes the world can dodge a recession.

And here’s what they said back in October:

I guess “100%” isn’t quite the metaphysical certitude that it used to be. (In fairness, they said “near certainty”, so perhaps they were rounding up from 99.5%.)

Me? I have “Noahpinion”.


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