The Unassuming Economist

From Paul Krugman:

“Oh, my. Bill Nordhaus has died. He was a great economist, an inspiring teacher, a wonderful academic citizen — and my first mentor. As an undergrad I took a seminar taught by Bill and Tjalling Koopmans on the economics of exhaustible resources. Bill liked my term paper well enough to hire me as a research assistant on his classic 1973 paper “The Allocation of Energy Resources.” 

Bill taught me how to be an economist, how to puzzle out a complex real issue and try to frame a model to make sense of that issue. He also showed me that economics can and should be a mission as well as a job. I’ll write more about his contribution and what it was like to work with him soon, probably after the midterms, when I have time to do it right.”

From a VoxEU post by Francesco Bianchi, Marco Del Negro, Giorgio Primiceri, and Frank Schorfheide:

“Chris Sims, who passed away in March 2026, reshaped modern macroeconomics by insisting that theory and data speak together. A pioneer of vector autoregressions, Bayesian methods, and policy relevant modelling, he transformed how scholars and practitioners analyse economic dynamics and inform central bank decisions. His influence spanned econometrics and macroeconomics, from DSGE models to rational inattention. Beyond his intellectual legacy, Sims was a demanding yet deeply supportive mentor whose sharp insights pushed generations of students to produce stronger work. This personal reflection highlights both his groundbreaking contributions and the lasting imprint he left on the field and on those he taught.”

From a VoxEU post by Beatrice Weder di Mauro:

“VoxEU launched in June 2007 with a simple but ambitious idea: that rigorous economics could speak clearly, quickly, and accessibly to the world’s most urgent policy debates. As its founding Editor-in-Chief Richard Baldwin steps down, this column marks this moment with thanks for his vision, his energy, and his service to the economics profession and to the public.

President Centre for Economic Policy Research; President Professor of Global Economics, Climate and Nature Finance Geneva Graduate Institute (IHEID); Visiting Professor Hoffmann Global Institute for Business and Society INSEAD

When VoxEU launched in June 2007, it was an experiment with a simple but ambitious idea: that rigorous economics could speak clearly, quickly, and accessibly to the world’s most urgent policy debates. It was Richard Baldwin’s idea, and it has become one of the most influential innovations in the global economics community. As Richard steps down as Editor-in-Chief at the end of this year, we want to mark this moment with deep thanks for his vision, his energy, and his extraordinary service to the profession and to the public. 

VoxEU did not appear by accident. It was born from Richard’s conviction that economics needed a better bridge between frontier research and real-time events. Academic publication is necessarily careful and slow. Policy, by contrast, is fast, noisy, and often hungry for evidence. Richard saw that this gap was not a small inconvenience but a structural weakness in how societies use knowledge. VoxEU was his answer: a place where economists could contribute analysis at the speed of the news cycle, without sacrificing the discipline and integrity of scholarly standards.

From the outset, Richard insisted on two things that became VoxEU’s hallmark. First, intellectual seriousness: VoxEU would be a platform for evidence, not opinion for its own sake. Second, lucid communication: authors would be encouraged to write for a broad, global readership encompassing policymakers, journalists, practitioners, and fellow scholars. These principles may sound straightforward, but anyone who has tried to follow them at scale knows how rare that combination is. Maintaining them for eighteen years has required editorial judgement, perseverance, and a founder’s willingness to do the unglamorous work, day after day.

Over time, VoxEU has grown into a remarkable global public good. Thousands of columns have presented new research, debated policy trade-offs, and translated complex ideas into usable insight. Its reach is international and genuinely pluralistic, spanning every continent and most subfields of economics. It has become a first stop for people trying to understand what economists know (and what they disagree about) in the face of fast-moving events.”

Continue reading here.

In 2012, the magazine Global Finance gave Stanley Fischer, then central bank governor of Israel, an A for his handling of the economy during the financial crisis. It was the fourth year in a row that Fischer had received an A. It’s a grade the former professor—who taught both Federal Reserve Board Chairman Ben Bernanke and European Central Bank (ECB) President Mario Draghi—cherishes: “Those were some tough tests we faced in Israel.”

Fischer stepped down as central bank governor in June this year after eight years in the job, bringing the curtain down on an extraordinary third act of his career. The second act was as the IMF’s second-in-command during the tumultuous period of financial crises in emerging markets from 1994 to 2001. This role as policymaker came after a rousing opening act in the 1970s and 1980s, during which Fischer established himself as a preeminent macroeconomist, one who defined the contours of the field through his scholarly work and textbooks. It speaks to Fischer’s success that stints as the World Bank’s chief economist in the 1980s and as vice chairman at Citigroup in the 2000s—which would be crowning achievements of many a career—come across as interludes between the main acts.­ For the full profile, continue reading here. 

Also, see an introduction to my profiles of economists.

From The Grumpy Economist:

“I wrote this essay on Bob Hall and Consumption (link goes to pdf on my webpage) for the conference in honor of Bob Hall at Hoover, November 22. It turned into a more extended history of some trends in macroeconomics, which any student of macroeconomics might find useful. Why we do what we do is often obscure. If this post exceeds your email limit, finish on the website at grumpy-economist.com

Bob Hall and Consumption1

I’m going to cover just two of Bob Hall’s many pathbreaking papers, “Stochastic Implications of the Life Cycle–Permanent Income Hypothesis,” Hall (1978), and “Intertemporal Substitution in Consumption,” Hall (1988), both in the Journal of Political Economy. Along the way, this turns in to a brief history of the emergence of modern macroeconomics, and one of its central unsolved problems, intertemporal substitution.

I titled my remarks at the conference, “Consuming Hall at Chicago.” I think you know Hall has many fans at Stanford, but you might not know just how popular Bob was at Chicago. Pretty much everything I write today I learned from Bob Lucas and Lars Hansen at Chicago in the 1980s.

1 A Simple Idea

As usual for Bob, it all starts with a simple clever idea. In asset pricing, price is present value of dividends, so price follows a random walk. In the permanent income model, consumption is proportional to the present value of income. So consumption should follow a random walk too. Why not test that hypothesis just as asset pricers were doing in the 1970s, by running regressions,”

Continue reading here.