I was wondering what to call my book, so I decided to use Google Adwords to choose a title. I made up nine titles.

  1. Principles of Macro
  2. Macro Manifesto
  3. Global Macro Manifesto
  4. Scientific Global Macro
  5. Scientific Macro
  6. Global Macro
  7. Global Macro Philosophy
  8. Science of Global Macro
  9. Rational Macro

Each of these became the headline of a different advertisement that showed up alongside relevant Google search results, along with the text “From discretionary fundamental macro to tactical asset allocation” and a link to a special landing page on this site. I let the advertisements run for a week. The results can be downloaded (in Excel format) here:

Adwords Report

“Rational Macro” was in the lead from early on. Its click-through rate was quite a lot higher than the nearest competitor.

It also has more impressions than the others. Initially I thought this was because I had the standard settings in which Adwords attempts to display the most effective advertisements. But then I set them to rotate in a mechanical fashion, and “Rational Macro” continued to get more impressions. The reason was that the content of this advertisement was found more often by search engines than the content of the others.

One might think this was because people were searching for some combination of “rational expectations” and “macro economics”. Well, perhaps they were, but if the book was totally off-topic then the click-through rate should be lower than for the other titles — but actually it was higher. And the description, which was the same for all the ads, makes it clear what the link is about, while the URL makes it clear that it is a book.

A sensible title would seem to be: “Rational Macro: A Manifesto for Fundamental Global Macro and Tactical Asset Allocation”.

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