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The Heterogeneous State of Modern Macroeconomics: A Reply to Solow
Chari, Varadarajan; Kehoe, Patrick J. - National Bureau of Economic Research (NBER) - 2007
macroeconomics is firmly grounded in economic theory. We disagree and explain why. …
Persistent link: https://www.econbiz.de/10005778451
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Clashing Theories of Unemployment
Hall, Robert E. - National Bureau of Economic Research (NBER) - 2011
rate in particular contain implicit theories of unemployment. In some cases, the theory is explicit. When the nominal rate …-developed account of turnover, wage determination, and unemployment. The DMP model is a clashing theory of unemployment, in the sense …
Persistent link: https://www.econbiz.de/10009147968
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Controlling Stocks and Flows to Promote Quality: The Environment, With Applications to Physical and Human Capital
Keohane, Nathaniel O.; Zeckhauser, Richard; Roy, … - National Bureau of Economic Research (NBER) - 2000
Our analysis melds two traditional approaches to promoting quality. The first is restoring the stock of quality. The second is curbing its flow of deterioration. Although both approaches are widely used in real world settings, analytic models have tended to focus on one strategy or the other. We...
Persistent link: https://www.econbiz.de/10005714575
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What Caused the Decline in U.S. Business Cycle Volatility?
Gordon, Robert J. - National Bureau of Economic Research (NBER) - 2005
This paper investigates the sources of the widely noticed reduction in the volatility of American business cycles since the mid 1980s. Our analysis of reduced volatility emphasizes the sharp decline in the standard deviation of changes in real GDP, of the output gap, and of the inflation rate....
Persistent link: https://www.econbiz.de/10005088603
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A Tractable Framework for Analyzing a Class of Nonstationary Markov Models
Taylor, John B.; Maliar, Lilia; Maliar, Serguei; … - National Bureau of Economic Research (NBER) - 2015
We study a class of infinite-horizon nonlinear dynamic economic models in which preferences, technology and laws of motion for exogenous variables can change over time either deterministically or stochastically, according to a Markov process with time-varying transition probabilities, or both....
Persistent link: https://www.econbiz.de/10011276421
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Reconstructing Macroeconomic Theory to Manage Economic Policy
Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2014
theory, and behavioral economics. The paper argues that any theory of deep downturns has to answer these questions: What is …
Persistent link: https://www.econbiz.de/10010951037
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An Economical Business-Cycle Model
Saez, Emmanuel; Michaillat, Pascal - National Bureau of Economic Research (NBER) - 2014
In recent decades, advanced economies have experienced low and stable inflation and long periods of liquidity trap. We construct an alternative business-cycle model capturing these two features by adding two assumptions to a money-in-the-utility-function model: the labor market is subject to...
Persistent link: https://www.econbiz.de/10010951069
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The New-Keynesian Liquidity Trap
Cochrane, John H. - National Bureau of Economic Research (NBER) - 2013
In standard solutions, the new-Keynesian model produces a deep recession with deflation in a liquidity trap. The model also makes unusual policy predictions: Useless government spending, technical regress, and capital destruction have large multipliers. These predictions become larger as prices...
Persistent link: https://www.econbiz.de/10010951170
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Uncovered Interest Parity and Monetary Policy Near and Far from the Zero Lower Bound
Chinn, Menzie; Zhang, Yi - National Bureau of Economic Research (NBER) - 2015
Relying upon a standard New Keynesian DSGE, we propose an explanation for two empirical findings in the international finance literature. First, the unbiasedness hypothesis – the proposition that expost exchange rate depreciation matches interest differentials – is rejected much more...
Persistent link: https://www.econbiz.de/10011276433
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Aggregate Demand and Supply
Farmer, Roger E. A. - National Bureau of Economic Research (NBER) - 2007
This paper is part of a broader project that provides a microfoundation to the General Theory of J.M. Keynes. I call … this project 'old Keynesian economics' to distinguish it from new-Keynesian economics, a theory that is based on the idea … definitions of aggregate demand and supply found in the General Theory through the lens of a search theory of the labor market. I …
Persistent link: https://www.econbiz.de/10005084591