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The Past, Present, and Future of Macroeconomic Forecasting
Diebold, Francis X. - 2010
with economic theory and hence rises andquot; falls with theory, receded following the decline of Keynesian theory. In … recent years powerful new dynamic stochastic general equilibrium theory has been developed macroeconomic forecasting is …
Persistent link: https://www.econbiz.de/10012763631
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Liquidity Trap and Excessive Leverage
Korinek, Anton - 2014
We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand....
Persistent link: https://www.econbiz.de/10013056769
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Inventories in the Keynesian Macro Model
Blinder, Alan S. - 2021
An otherwise conventional Keynesian macro model is modified to include inventories of final goods by (1) drawing a distinction between production and final sales, and (2) allowing for a negative effect of the level of inventories on production. Two models are presented: one in which the labor...
Persistent link: https://www.econbiz.de/10013235314
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Keynes and the Dollar in 1933
Edwards, Sebastian - 2017
On December 1933, John Maynard Keyes published an open letter to President Roosevelt, where he wrote: “The recent gyrations of the dollar have looked to me more like a gold standard on the booze than the ideal managed currency of my dreams.” In this paper I use high frequency data to...
Persistent link: https://www.econbiz.de/10012963186
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On the Adequacy or Inadequacy of Keynesian Balance-of-Payments Theory : A Rejoinder
Buiter, Willem H.; Eaton, Jonathan - 2021
expansion appears to be the source of Kuska's erroneous indictment of "Keynesian" balance-of-payments theory.We also establish …
Persistent link: https://www.econbiz.de/10013230996
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The Development of Keynesian Macroeconomics
McCallum, Bennett T. - 2007
business-cycle model of J.M. Keynes's General Theory featured analytical ingredients that were present in earlier writings and … characteristic of Keynesian theory, namely, a postulated stickiness of nominal prices that enables aggregate demand to play a greater …
Persistent link: https://www.econbiz.de/10012777328
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Historical Macroeconomics and American Macroeconomic History
Calomiris, Charles W.; Hanes, Christopher - 2021
What can macroeconomic history offer macroeconomic theorists and macroeconometricians? Macroeconomic history offers more than longer time series or special `controlled experiments.' It suggests an historical definition of the economy, which has implications for macroeconometric methods. The...
Persistent link: https://www.econbiz.de/10013310134
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The General Theory of Employment, Interest, and Money after 75 Years : The Importance of Being in the Right Place at the Right Time
Luzzetti, Matthew N. - 2011
This paper studies why the General Theory had so much impact on the economics profession through the 1960s, why that … impact began to wane in the 1970s, and why many economic policymakers cling to many of the tenets of the General Theory. We … qualitatively to patterns discussed in the General Theory, that econometric developments in the area of simultaneous equations made …
Persistent link: https://www.econbiz.de/10013131957
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Does Fiscal Policy Matter? Blinder and Solow Revisited
Farmer, Roger E. A. - 2010
This paper uses the old-Keynesian representative agent model developed in Farmer (2010b) to answer two questions: 1) do increased government purchases crowd out private consumption? 2) do increased government purchases reduce unemployment? Farmer compared permanent tax financed expenditure paths...
Persistent link: https://www.econbiz.de/10013134828
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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E. A. - 2010
This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer's (2009) model in …
Persistent link: https://www.econbiz.de/10013136024