New-Keynesian models, a puzzle of scientific sociology

This post is from a set of comments I gave at the NBER Asset Pricing conference in early November at Stanford. Conference agenda here. My full slides here. There was video, but sadly I took too long to write this post and the NBER took down the conference video. I was asked to comment on "Downward Nominal Rigidities and Bond Premia" by François Gourio and Phuong Ngo. It's a very nice clean paper, so all I could think to do as discussant is praise it, then move on to bigger issues. These are real...