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Macroeconomics after the Crisis : Time to Deal with the Pretense-of-Knowledge Syndrome

Caballero, Ricardo J. - 2010

In this paper I argue that the current core of macroeconomics--by which I mainly mean the so-called dynamic stochastic general equilibrium approach--has become so mesmerized with its own internal logic that it has begun to confuse the precision it has achieved about its own world with the...

Persistent link: https://www.econbiz.de/10012462227

Evolution of Modern Business Cycle Models : Accounting for the Great Recession

Kehoe, Patrick J. - 2018

Modern business cycle theory focuses on the study of dynamic stochastic general equilibrium models that generate aggregate fluctuations similar to those experienced by actual economies. We discuss how this theory has evolved from its roots in the early real business cycle models of the late...

Persistent link: https://www.econbiz.de/10012452979

What Did UWE Do for Economics?

Avilova, Tatyana; Goldin, Claudia - National Bureau of Economic Research - 2023

Economics is among the most popular undergraduate majors. However, even at the best research universities and liberal arts colleges men outnumber women by two to one, and overall there are about 2.5 males to every female economics major. The Undergraduate Women in Economics (UWE) Challenge was...

Persistent link: https://www.econbiz.de/10014322819

The Impacts of Same and Opposite Gender Alumni Speakers on Interest in Economics

Patnaik, Arpita; Pauley, Gwyn C.; Venator, Joanna; … - National Bureau of Economic Research - 2023

What is the impact of male and female alumni speaker interventions in introductory microeconomics courses on student interest in economics? Using student-level transcript data, we estimate the effect of speakers on future course-taking in models which use untreated lectures as control groups,...

Persistent link: https://www.econbiz.de/10014226180

Macroeconomics of Persistent Slumps

Hall, Robert E. - 2016

framework starts by discerning driving forces set in motion by the initial shock. These are higher discounts applied by decision … institutions. The next step is to study how driving forces influence general equilibrium, both at the time of the initial shock and … later as its effects persist. Some of the effects propagate the effects of the shock---they contribute to poor performance …

Persistent link: https://www.econbiz.de/10012456445

Some Unpleasant General Equilibrium Implications of Executive Incentive Compensation Contracts

Donaldson, John B. - 2009

We consider a simple variant of the standard real business cycle model in which shareholders hire a self-interested executive to manage the firm on their behalf. Delegation gives rise to a generic conflict of interest mediated by a convex (option-like) compensation contract which is able to...

Persistent link: https://www.econbiz.de/10012463484

Aggregate Implications of Lumpy Investment : New Evidence and a DSGE Model

Bachmann, Ruediger - 2006

The sensitivity of U.S. aggregate investment to shocks is procyclical: the initial response increases by approximately 50% from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond...

Persistent link: https://www.econbiz.de/10012466329

Information Aggregation in a DSGE Model

Hassan, Tarek A. - 2014

We introduce the information microstructure of a canonical noisy rational expectations model (Hellwig, 1980) into the framework of a conventional real business cycle model. Each household receives a private signal about future productivity. In equilibrium, the stock price serves to aggregate and...

Persistent link: https://www.econbiz.de/10012458471

Stock Market and Investment Goods Prices : Implications for Macroeconomics

Christiano, Lawrence J. - 2003

Stock market prices, a measure of the marginal cost of installed capital, are procyclical. Yet, prices of investment goods, the main input into new installed capital, are countercyclical. We exploit this information to identify the driving forces of the business cycle and the nature of capital...

Persistent link: https://www.econbiz.de/10012468667

Environmental Macroeconomics : Environmental Policy, Business Cycles, and Directed Technical Change

Heutel, Garth - 2013

Environmental economics has traditionally fallen in the domain of microeconomics, but recently approaches from macroeconomics have been applied to studying environmental policy. We focus on two macroeconomic tools and their application to environmental economics. First, real business cycle...

Persistent link: https://www.econbiz.de/10012459868

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