As an economics outsider, I am wondering how should this excellent model be used in the real world? For example, the White House staff shuffle every four years, each president/party will have their own economic 'belief' and different stand on tax reform. And since the Cabinet shuffles, they may prefer policies with short-term effects. How would you convince policy makers with distinct schools of economics to apply your OG model which has many underlying assumptions and has more of a Long-term effect?
Also, if I am getting this right, the model is only tested in closed or small open economy, how well it will perform in a large open economy such as the US? And how well can it perform in some special yet important economies such as China?
Fabulous work! Thanks for sharing.
As an economics outsider, I am wondering how should this excellent model be used in the real world? For example, the White House staff shuffle every four years, each president/party will have their own economic 'belief' and different stand on tax reform. And since the Cabinet shuffles, they may prefer policies with short-term effects. How would you convince policy makers with distinct schools of economics to apply your OG model which has many underlying assumptions and has more of a Long-term effect?
Also, if I am getting this right, the model is only tested in closed or small open economy, how well it will perform in a large open economy such as the US? And how well can it perform in some special yet important economies such as China?
Thanks.