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Keynesian, New Keynesian, and New Classical Economics
Greenwald, Bruce C. - 1987
Much of the new theory of macro-economics that has been built upon micro-economic models of imperfect information leads to conclusions which are surprisingly close in spirit to Keynes' original analysis. This paper summarizes the macro-economic implications of information-based models of...
Persistent link: https://www.econbiz.de/10012476909
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The Lucas Critique and the Volcker Deflation
Blanchard, Olivier J. - 1984
This paper examines, in light of the Lucas Critique, the behavior of the Phillips curve and of the term structure of interest rates after October 1979. It starts with an informal account of the policy change and then discusses how we might expect these two relations to shift after such a change....
Persistent link: https://www.econbiz.de/10012477768
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A Linearized Version of Lucas's Neutrality Model
McCallum, Bennett T. - 1983
The model developed in Robert Lucas's influential "Expectations and the Neutrality of Money" has not been widely used … paper describes a linearized version that--unlike other models prominent in the rational expectations literature …
Persistent link: https://www.econbiz.de/10012477941
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The Role of Economic Policy after the New Classical Macroeconomics
Buiter, Willem H. - 1980
The paper considers the implications of the rational expectations New Classical Macroeconomics revolution for the … policy, 2) Non-clausal models and rational expectations, 3) Optimal control in non-causal models -- the inconsistency of …
Persistent link: https://www.econbiz.de/10012478549
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The Role of Economic Policy After the New Classical Macroeconomics
Buiter, Willem H. - 1980
The paper considers the implications of the rational expectations - New Classical Macroeconomics revolution for the …, 2) Non-causal models and rational expectations, 3) optimal control in non-causal models -the inconsistency of optimal …
Persistent link: https://www.econbiz.de/10012478557
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Labor-Market Heterogeneity, Aggregation, and the Lucas Critique
Chang, Yongsung - 2010
This paper assesses biases in policy predictions due to the lack of invariance of "structural'' parameters in representative-agent models. We simulate data under various fiscal policy regimes from a heterogeneous-agents economy with incomplete asset markets and indivisible labor supply....
Persistent link: https://www.econbiz.de/10012462255
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A Solution to Two Paradoxes of International Capital Flows
Ju, Jiandong - 2006
International capital flows from rich to poor countries can be regarded as either too small (the Lucas paradox in a one-sector model) or too large (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neo-classical model...
Persistent link: https://www.econbiz.de/10012465993
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Modest Policy Interventions
Leeper, Eric M. - 2002
' beliefs about policy regime and does not generate quantitatively important expectations-formation effects of the kind Lucas …
Persistent link: https://www.econbiz.de/10012469518
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Near-Rationality and Inflation in Two Monetary Regimes
Ball, Laurence - 2000
Sticky-price models with rational expectations fail to capture the inertia in U.S. inflation. Models with backward …-looking expectations capture current inflation behavior, but are unlikely to fit other monetary regimes. This paper seeks to overcome these … problems with a near-rational model of expectations. In the model, agents make univariate forecasts of inflation: they use …
Persistent link: https://www.econbiz.de/10012470750
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New Classicals and Keynesians, or the Good Guys and the Bad Guys
Barro, Robert J. - 1989
advances, such as rational expectations and new methods of policy evaluation. Subsequent research by new classicals has …
Persistent link: https://www.econbiz.de/10012476066