When I was a graduate student, estimating and interpreting distributed lags topped the agenda of macroeconomists and other applied economists.

Keynes was a very good economist. He was brilliant. He had wonderful insights. His work has inspired me many times.

The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it.

There was a danger that skeptics and opponents would misread those likelihood ratio tests as rejections of an entire class of models, which of course they were not.

When I was a graduate student, estimating and interpreting distributed lags topped the agenda of macroeconomists and other applied economists.

I think you've got to watch out for anybody in high school who says he wants to become an economist.

What I really don't like is oversimplification.