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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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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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Post Keynesian Dynamic Stochastic General Equilibrium Theory
Farmer, Roger E. A. - 2017
disparate traditions. I make the case for unity between Post-Keynesian and General Equilibrium Theory under the banner of Post …-Keynesian Dynamic Stochastic General Equilibrium Theory …
Persistent link: https://www.econbiz.de/10012964394
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The Need for International Policy Coordination : What'S Old, What'S New, What'S Yet to Come?
Canzoneri, Matthew B.; Cumby, Robert E.; Diba, Behzad - 2021
Fifty years ago, the Chicago School argued that flexible exchange rates would insulate employment from foreign economic disturbances: there is no need for policy coordination; flexible exchange rates suffice. Twenty five years later, the Bretton Woods system was gone, and the first generation of...
Persistent link: https://www.econbiz.de/10013311185
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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
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An Exploration of Optimal Stabilization Policy
Mankiw, N. Gregory - 2011
This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short run and flexible in the long run. Policy is evaluated by how well it raises the...
Persistent link: https://www.econbiz.de/10013124860