tag:blogger.com,1999:blog-4900303239154048192.post3910317305155991278..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Cochrane TooUnknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4900303239154048192.post-69371988510564740292010-01-15T08:06:25.196-05:002010-01-15T08:06:25.196-05:00"Efficient markets" = "Chaotic mark..."Efficient markets" = "Chaotic markets"?Shag from Brooklinehttps://www.blogger.com/profile/07312591102812315460noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-16786720221402787482010-01-14T15:24:53.854-05:002010-01-14T15:24:53.854-05:00Do these guys ever even acknowledge the statistica...Do these guys ever even acknowledge the statistical evidence from people like Shiller that the prices of financial assets don't follow a random walk, or the argument there is no reason to expect them to since there's no easy arbitrage between asset price levels in different years?JW Masonhttps://www.blogger.com/profile/10664452827447313845noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-15284252750137819642010-01-14T14:58:20.361-05:002010-01-14T14:58:20.361-05:00It is also a tautology. While Fama is bad, Cochra...It is also a tautology. While Fama is bad, Cochrane is substantially worse. The guy claims that all the students of Fama know about "fat tails" in financial market returns, except that "fat tails" (or even "kurtosis" or "leptokutosis") do not appear in the index of his widely used grad text, Asset Pricing. What a farce!rosserjb@jmu.eduhttps://www.blogger.com/profile/09300046915843554101noreply@blogger.com