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economic theory and hence rises and" 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 poised for …
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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
The dismal performance of professional economic forecasters to foresee the financial crisis has raised serious questions as to the credibility of modern economics. Several efforts have been made to account for this failure. The paper offers a tentative answer based on the lessons that may be...
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