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Peter Howitt - a Keynesian still in recovery
Laidler, David E. W. - 2022
Peter Howitt is best known for his contributions to growth theory, but his work in short- run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Clower and Leijonhufvud, and for a...
Persistent link: https://www.econbiz.de/10013371005
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Lucas, Keynes, and the crisis
Laidler, David - 2009
This paper examines Robert E. Lucas's views on the relationship of macroeconomics to real world economic phenomena, and on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the subdiscipline has evolved. It considers some implications...
Persistent link: https://www.econbiz.de/10003868819
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Solow's struggle with medium-run macroeconomics : 1956-1995
Assous, Michaël - 2013
Solow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or …
Persistent link: https://www.econbiz.de/10011706942
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Short-run macro after the crisis : the end of the "new" neoclassical synthesis?
Landmann, Oliver - 2014 - Rev.
The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the "New" Neoclassical Synthesis, which seemed to provide a robust framework of analysis for short-run macro not long ago, fails to capture key elements of the recent crisis. This...
Persistent link: https://www.econbiz.de/10010242840
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Recursive equilibrium in Krusell and Smith (1998)
Cao, Dan Vu - 2018
establishes the existence of sequential competitive equilibrium, generalized recursive equilibrium, recursive equilibrium with an … extended-state space, and characterizes several important properties of the equilibrium variables. The equilibrium process … shocks such as Huggett (1997)'s economy. However, the existence of recursive equilibrium with the natural minimal state space …
Persistent link: https://www.econbiz.de/10011919029
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Theories of finance and financial crisis : lessons for the Great Recession
Dodig, Nina; Herr, Hansjörg - 2015
This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...
Persistent link: https://www.econbiz.de/10010491508
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Financial system fragility models
Iancu, Aurel - 2011
This paper analyses two types of models: 1. Those based on assumptions of monetary and financial market equilibrium …
Persistent link: https://www.econbiz.de/10010529077
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Optimal monetary policy under negative interest rate
Dong, Feng; Wen, Yi - 2017 - This version: May 16, 2017
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held...
Persistent link: https://www.econbiz.de/10011691605
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The monetary economy and the economic crisis
Laidler, David E. W. - 2011 - Revised, January 2011
The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium … trading at "false" prices, a phenomenon ruled out by assumption in dynamic general equilibrium models. Not only Keynes …
Persistent link: https://www.econbiz.de/10011708307
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Appropriate fiscal policy over the business cycle : proper stimulus policies can work
Graves, Philip E. - 2010
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10008653412