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Recently, a new class of macroeconomic business cycle models has emerged. Stochastic dynamic general equilibrium models …
Persistent link: https://www.econbiz.de/10010752473
Recently, a new class of macroeconomic business cycle models has emerged. Stochastic dynamic general equilibrium models …
Persistent link: https://www.econbiz.de/10010752515
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
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/10014278230
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
equilibrium theory underlying standard models should be regarded as a 'church', this paper stresses two points. First, animal …
Persistent link: https://www.econbiz.de/10013175039
stable equilibrium in combination with rational expectations allow the conclusion that a built-in process of quick self … equilibrium and of strong disequilibrium. Hence the paper ends with the proposal to utilize a number of sub-models each one of …
Persistent link: https://www.econbiz.de/10013114759
I examine a model with an indeterminate equilibrium in which business cycles are driven by sunspot shocks. I focus on … the possibility that the sunspot shocks reflect consumer confidence. I compute an implied series of sunspot shocks using …
Persistent link: https://www.econbiz.de/10005769758
The paper analyses retrospectively the impact that the publication of The economists' "Manifesto" on unemployment in the EU has exerted on the European economic policies. On the supply side, it is acknowledged that many suggestions have been put in practise: among them, the labour market reforms...
Persistent link: https://www.econbiz.de/10010752486
The paper analyses retrospectively the impact that the publication of The economists' "Manifesto" on unemployment in the EU has exerted on the European economic policies. On the supply side, it is acknowledged that many suggestions have been put in practise: among them, the labour market reforms...
Persistent link: https://www.econbiz.de/10010752532